Bitcoin price is attempting a new rise from the $42,000 support. BTC could gain bullish momentum if it passes the $43,300 resistance area.
- Bitcoin price is attempting a new rise above the $42,750 resistance zone.
- The price is trading above $42,800 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a short-term ascending channel with support near $42,950.
- Unless the price closes below the $42,350 support, the pair may continue to rise.
Bitcoin price remains supported
Bitcoin price formed a base above the $42,000 level and began a steady rise. BTC was able to break above the $42,200 and $42,500 resistance levels.
There was movement above the 50% Fib retracement level of the downward wave from the $43,740 swing high to the $41,888 low. The bulls could push the price above the $43,000 resistance. Currently, a short-term upward channel has formed on the hourly chart of the BTC/USD pair with support near $42,950.
Bitcoin is currently trading above $42,800 and the 100-hour simple moving average. Immediate resistance is near the $43,300 level. The $43,740 swing high to $41,888 low is close to the 76.4% Fib retracement level of the bearish wave.
The next major resistance could be $43,750, above which the price could begin a significant rise. The next stop on the uptrend could possibly be $44,000.
Source: TradingView.com BTCUSD
A clear break above the $44,000 resistance may lead the price to move towards the $44,200 resistance. The next resistance is now forming near the $44,500 level. Prices could rise further above the $44,500 level. The next major resistance level is $45,000.
Another drop in BTC?
If Bitcoin fails to rise above the $43,300 resistance zone, another decline could begin. Immediate support for the downside is near the $43,000 level and the channel trendline.
The first major support is at $42,800 and the hourly 100 SMA. Major support may be $42,350. The price could gain bearish momentum if it closes below $42,350. If stated, the price may plunge towards the $41,800 support level.
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 – $42,800, then $42,350.
Key resistance levels – $43,300, $43,800 and $44,500.
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