Bitcoin price extended its increase above the $44,000 level against the US Dollar. BTC traded near $45,000 and it may fix lower in the short-term.
- Bitcoin started a recovery wave above the $43,000 and $43,000 resistance levels.
- The cost is now trading above $44,000 and the 100 per hour easy moving average.
- There is a key rising channel forming with support near $44,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The set might fix lower towards the $43,500 assistance zone and the 100 per hour SMA.
Bitcoin Price Extends Increase
Bitcoin price started a decent increase above the $43,000 level. BTC stayed well quote and it handled to clear the $44,000 resistance level plus the 100 per hour easy moving average.
The price even climbed above the $44,500 level and traded close to the $45,000 level. A high is formed near $44,934 and the cost is now fixing lower. There was a break below the $44,500 and $44,400 levels.
An instant assistance is near the $44,300 level. There is also a key rising channel forming with support near $44,250 on the hourly chart of the BTC/USD pair. The set is likewise well above the 23.6% Fib retracement level of the current wave from the $39,580 swing low to $44,934 high.
On the upside, an immediate resistance is near the $44,800 level. The initially significant resistance is near the $45,000 level. A clear break above the $44,800 and $45,000 levels could start another increase. The next significant resistance is near the $46,200 zone, above which the cost might increase towards the $47,000 resistance.
Dips Limited In BTC?
If bitcoin fails to clear the $45,000 resistance zone, it could start a fresh decline. An instant assistance on the disadvantage is near the $44,300 level.
The next major support is near the $44,250 zone and the channel trend line. A drawback break listed below the channel assistance might lead the cost towards the $43,500 assistance zone or the 100 per hour easy moving average. Any more losses could lead the price towards the 50% Fib retracement level of the recent wave from the $39,580 swing low to $44,934 high at $42,250.
Technical indicators:
Hourly MACD – The MACD is gradually losing speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still above the 50 level.
Major Support Levels – $44,250, followed by $43,500.
Major Resistance Levels – $44,800, $45,000 and $46,200.
