bitcoin price corrected gains and tested the $42,650 zone. btc is again attempting a fresh rise and is targeting a move above the $43,750 resistance.
- bitcoin found support above the $42,500 zone and started a new rise.
- The price is trading below $43,550 and the 100 hourly simple moving average.
- A connecting bearish trend line is forming with resistance near $43,600 on the hourly chart of the btc/USD pair (data feed from Kraken).
- The pair could start a new rise if it breaks the resistance levels of $43,750 and $44,300.
bitcoin price remains firm
bitcoin price failed to break above the $44,300 resistance zone and began a downward correction. btc fell below the $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 new rise. There was a move above the $43,200 resistance zone. The price rose above the 50% Fibonacci retracement level of the downward move from the high of $44,429 to the low of $42,680.
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 near the 61.8% Fibonacci retracement level of the downward move from the high of $44,429 to the low of $42,680. On the upside, immediate resistance is near the $43,550 level. The first major resistance is forming near the trend line.
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Fountain: BTCUSD on TradingView.com
A close above the $43,600 resistance could start a decent move towards the $44,300 level. The next key resistance could be near $45,000, above which btc could rally towards the $46,500 level. Any additional gains could send the price towards $47,200.
Another drop in btc?
If bitcoin fails to break above the $43,600 resistance zone, it could start a new 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 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 losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for btc/USD is now near the 50 level.
Main support levels: $43,000, followed by $42,600.
Main resistance levels: $43,600, $44,000 and $44,300.
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.
