NEWSLETTER
bitcoin price is rising and recently broke the $43,500 resistance. btc is still in a strong uptrend and could gain pace to surpass $45,000.
- bitcoin extended its rise and surpassed the $43,500 resistance zone.
- The price is trading above $43,000 and the 100 hourly simple moving average.
- A connecting bullish trend line is forming with support near $43,100 on the hourly chart of the btc/USD pair (data feed from Kraken).
- The pair could continue to rise if it closes above $44,500 and $45,000.
bitcoin price regains strength
bitcoin price remained stable above the $42,000 resistance zone. btc gained bullish momentum and surpassed the $43,000 resistance zone. It even broke the key barrier of $43,500.
Finally, the price tested the $44,300 level. A high is formed near $44,300 and the price is now correcting the gains. There was a small drop below the $44,000 level. The price fell below the 23.6% Fibonacci retracement level of the recent rise from the low of $41,828 to the high of $44,300.
bitcoin is now trading above $43,000 and the 100 hourly simple moving average. There is also a connecting bullish trend line forming with support near $43,100 on the hourly chart of the btc/USD pair.
The current price action and recent breakout call for more gains. On the upside, immediate resistance is near the $44,000 level. The first major resistance is forming near $44,300 and $44,500. A close above the $44,500 resistance could set the pace for a move above $45,000.
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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. The next major target for the bulls could be $48,000.
Another drop in btc?
If bitcoin fails to break above the $44,500 resistance zone, it could continue to decline. Immediate downside support is near the $43,200 level.
The next major support is near $43,000 or the 50% Fibonacci retracement level of the recent rise from the low of $41,828 to the high of $44,300. If there is a move below $43,000, there is a risk of further losses. In the indicated case, the price could fall towards the $42,000 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: $43,100, followed by $43,000.
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.
