bitcoin price maintains gains above the $41,500 zone. btc is rising and could gain bullish momentum above the $43,200 resistance zone.
- bitcoin is attempting a fresh rise above the $42,500 resistance zone.
- The price is trading above $42,200 and the 100 hourly simple moving average.
- A key bullish trend line is forming with support near $42,280 on the hourly chart of the btc/USD pair (data feed from Kraken).
- The pair could continue to rise if it closes above the $43,200 resistance zone.
bitcoin price remains supported
bitcoin price declined and broke the $42,200 support zone. btc formed a base above the $41,200 level and recently started a new rise.
A low was formed at $41,317 and the price is now rising. There was a move above the $42,000 resistance zone. The price rose above the 50% Fibonacci retracement level of the downward move from the high of $43,792 to the low of $41,317.
bitcoin is now trading above $42,200 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $42,280 on the hourly chart of the btc/USD pair.
On the upside, immediate resistance is near the $42,800 level. It is close to the 61.8% Fib retracement level of the downside move from the high $43,792 to the low $41,317. The first major resistance is $43,200. A close above the $43,200 level could push the price up further.
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Fountain: BTCUSD on TradingView.com
The main obstacle is located at $43,800. A close above the $43,800 resistance could start a decent move towards the $44,500 level. The next key resistance could be near $45,000, above which btc could rise towards the $46,200 level.
Another drop in btc?
If bitcoin fails to break above the $43,200 resistance zone, it could start a new decline. Immediate support on the downside is near the $42,250 level and the trend line.
The next major support is near $41,620. If there is a move below $41,620, there is a risk of further losses. In the indicated case, the price could fall towards the $40,500 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: $42,250, followed by $41,620.
Main resistance levels: $42,800, $43,200 and $43,800.
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.
