Bitcoin price continued its upward trend above the $43,200 resistance level. BTC is now consolidating gains and could rise further towards the $45,000 area.
- Bitcoin is well above the $42,200 and $43,200 levels.
- The price is trading above $43,200 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows two bullish trend lines forming with support near $43,200 and $41,800.
- The pair may correct downwards towards $43,200 before starting a new advance.
Bitcoin price rally extends
Bitcoin price maintained a steady upward trend above the $40,000 resistance zone. BTC is up more than 15% in the past few days and has even surged above the $42,000 area.
The upward move gained speed above the $43,200 resistance zone. A new multi-month high was formed near $44,465 and the price is currently correcting to the upside. There was a move below the $44,000 level. The price is still above the 23.6% Fib retracement level, rising from the $39,476 swing low to the $44,465 high.
Bitcoin is also trading above $43,200 and the 100-hour simple moving average. Moreover, on the hourly chart of the BTC/USD pair, there are two bullish trend lines forming with support near $43,200 and $41,800. The second trend line is close to the 50% Fib retracement level rising from the $39,476 swing low to the $44,465 high.
On the other hand, immediate resistance is close to the $44,200 level. The first major resistance is forming near $44,450, above which the price may rise towards the $45,000 level.
Source: TradingView.com BTCUSD
A break above the $45,000 resistance could push the price higher. The next major resistance could be near $46,400, above which BTC could rise towards the $48,000 level.
Are dips supported in BTC?
If Bitcoin fails to rise above the $44,500 resistance zone, a downward correction could begin. Immediate support for the downside is near the $43,250 level.
The next major support is near $42,800, below which the price may test the second trend line. There is further downside risk if it falls below $42,000. If indicated, the price may decline towards the $40,500 support level in the near term.
Technical indicators:
Hourly MACD – MACD is now picking up speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $43,200, then $42,000.
Key resistance levels – $44,200, $44,450 and $45,000.