bitcoin price is gaining pace and trading above the $44,000 resistance. btc could continue to rise once it breaks the $44,500 and $45,000 resistance levels.
- bitcoin started a decent rise above the $43,500 resistance zone.
- The price is trading above $43,500 and the 100 hourly simple moving average.
- A key bullish trend line is forming with support near $43,800 on the hourly chart of the btc/USD pair (data feed from Kraken).
- The pair could start a strong rally if it closes above $44,300 and $44,500.
bitcoin price points higher
bitcoin price settled above the $43,500 resistance zone to move towards a bullish zone. btc overcame many obstacles and even surpassed the $44,000 level.
It tested the $44,300 resistance zone. A high was formed near $44,300 and the price is now consolidating gains. The price corrected a few points below the $44,100 level. However, it remains stable above the 23.6% Fibonacci retracement level of the upward move from the low of $41,820 to the high of $44,300.
bitcoin is now trading above $43,500 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $43,800 on the hourly chart of the btc/USD pair.
On the upside, immediate resistance is near the $44,200 level. The first major resistance is forming near $44,300 and $44,500. A close above the $44,500 resistance could start a strong rally and the price could even surpass the $45,000 resistance.
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Fountain: BTCUSD on TradingView.com
The next key resistance could be near $46,500, above which btc could rally towards the $47,200 level. Any additional gains could send the price towards $48,000.
New drop in btc?
If bitcoin fails to break above the $44,300 resistance zone, it could start a new decline. Immediate support on the downside is near the $43,800 level and the trend line.
The next major support is near $42,750 or the 61.8% Fib retracement level of the upward move from the low of $41,820 to the high of $44,300. If there is a move below $42,750, there is the risk of further losses. In the indicated case, the price could fall towards the $42,200 support in the near term.
Technical indicators:
MACD Hourly: The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for btc/USD is now above the 50 level.
Main support levels: $43,800, followed by $42,750.
Main resistance levels: $44,300, $44,500 and $45,000.
Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC's views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.
