Bitcoin price started a decent increase above the $42,000 level against the US Dollar. BTC is now considering a crucial advantage break above the $44,000 resistance zone.
- Bitcoin started a recovery wave above the $42,000 and $43,000 resistance levels.
- The rate is still trading listed below $44,000 and the 100 per hour easy moving average.
- There was a break above a major bearish trend line with resistance near $42,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The set might speed up greater if there is a clear break above $44,000.
Bitcoin Price Starts Fresh Recovery
Bitcoin price remained well bid above the $42,000 level. BTC formed an assistance base and began a good boost above the $42,500 level.
There was a break above a major bearish trend line with resistance near $42,500 on the hourly chart of the BTC/USD pair. The set climbed up greater above the $43,000 and $43,500 resistance levels. It even evaluated the $44,000 level.
However, the bulls are struggling to gain strength above $44,000. Bitcoin is still trading listed below $44,000 and the 100 per hour easy moving average. A high is formed near $44,024 and the price is now consolidating gains.
It even evaluated the 23.6% Fib retracement level of the current boost from the $39,579 swing low to $44,024 high. On the upside, an immediate resistance is near the $44,000 level. The initially significant resistance is near the $44,200 level and the 100 per hour easy moving average.
A clear break above the $44,000 and $44,200 levels could start a strong increase. The next significant resistance is near the $45,000 zone, above which the rate might increase towards the $47,000 resistance.
Dips Limited In BTC?
If bitcoin fails to clear the $44,000 resistance zone, it could start a fresh decline. An instant assistance on the disadvantage is near the $43,000 level.
The next major support is near the $42,000 zone. The 50% Fib retracement level of the current boost from the $39,579 swing low to $44,024 high is likewise near the $42,000 zone. A downside break below the $42,000 zone could start a fresh decline. In the specified case, the rate might even review the $40,000 level in the near term.
Technical indicators:
Hourly MACD – The MACD is slowly gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $43,000, followed by $42,000.
Major Resistance Levels – $44,000, $44,200 and $45,000.
