Bitcoin price corrected gains and tested the $42,650 zone. BTC is again attempting a fresh increase and eyeing a move above the $43,750 resistance.
- Bitcoin found support above the $42,500 zone and started a fresh increase.
- The price is trading below $43,550 and the 100 hourly Simple moving average.
- There is a connecting bearish trend line forming with resistance near $43,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh increase if it clears the $43,750 and $44,300 resistance levels.
Bitcoin Price Holds Ground
Bitcoin price failed to clear the $44,300 resistance zone and started a downside correction. BTC declined below $43,500 level, but the bulls were active above the $42,500 zone.
A low was formed near $42,860 and the price is now attempting a fresh increase. There was a move above the $43,200 resistance zone. The price climbed above the 50% Fib retracement level of the downward move from the $44,429 swing high to the $42,680 low.
Bitcoin is still trading below $43,550 and the 100 hourly Simple moving average. There is also a connecting bearish trend line forming with resistance near $43,600 on the hourly chart of the BTC/USD pair.
The trend line is close to the 61.8% Fib retracement level of the downward move from the $44,429 swing high to the $42,680 low. On the upside, immediate resistance is near the $43,550 level. The first major resistance is forming near the trend line.
Source: BTCUSD on TradingView.com
A close above the $43,600 resistance could start a decent move toward the $44,300 level. The next key resistance could be near $45,000, above which BTC could rise toward the $46,500 level. Any more gains might send the price toward $47,200.
Another Decline In BTC?
If Bitcoin fails to rise above the $43,600 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $43,000 level.
The next major support is near $42,600. If there is a move below $42,600, there is a risk of more losses. In the stated case, the price could drop toward the $42,000 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.
Major Support Levels – $43,000, followed by $42,600.
Major Resistance Levels – $43,600, $44,000, and $44,300.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.