bitcoin price corrected lower and tested the $42,800 support zone. btc is now showing positive signs and could attempt a new rise above $44,000.
- bitcoin maintains gains above the $42,500 pivot level.
- The price is trading above $42,800 and the 100 hourly simple moving average.
- A key bullish trend line is forming with support near $42,900 on the hourly chart of the btc/USD pair (data feed from Kraken).
- The pair is likely preparing for a fresh rise above the $44,000 level.
bitcoin price foresees a new increase
bitcoin price started a downward correction below the $44,000 level. btc fell below the $43,500 level, but the bulls remained active. The price found bids near the 50% Fibonacci retracement level of the upward move from the low of $41,427 to the high of $44,465.
bitcoin is still trading above $42,800 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $42,900 on the hourly chart of the btc/USD pair.
The price is now rising and showing positive signs above the $43,000 level. On the upside, immediate resistance is near the $44,200 level. The first major resistance is forming near $44,450, above which the price could gain bullish momentum and rise towards $45,000.
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Fountain: BTCUSD on TradingView.com
A close above the $45,000 resistance could start a strong upward move. The next key resistance could be near $46,000, above which btc could rise towards the $47,200 level.
Are the drops in btc limited?
If bitcoin fails to break above the $44,450 resistance zone, it could start another decline. Immediate support on the downside is near the $42,900 level and the trend line.
The next major support is near $42,580 or the 61.8% Fibonacci retracement level of the upward move from the low of $41,427 to the high of $44,465, below which the price could test the zone of $42,150. If there is a move below $42,150, there is a risk of further downside. In the indicated case, the price could fall towards the $41,500 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: $42,900, followed by $42,150.
Main resistance levels: $44,250, $44,450 and $45,000.
