Bitcoin price is moving higher and recently broke the USD 43,500 resistance. BTC is still in a strong uptrend and could gain speed for a move above $45,000.
- Bitcoin extended its gains and climbed above the USD 43,500 resistance zone.
- The price is trading above USD 43,000 and the 100 hourly Simple Moving Average.
- A connecting bullish trendline is forming with support near $43,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise if it closes above $44,500 and $45,000.
Bitcoin price regains strength
Bitcoin price remained stable above the USD 42,000 resistance zone. BTC gained bullish momentum and climbed above the USD 43,000 resistance zone. It even overcame the key barrier of $43,500.
Finally, the price tested the USD 44,300 level. A high is being formed near USD 44,300 and the price is now correcting gains. There was a small decline below the $44,000 level. The price fell below the 23.6% Fib retracement level from the recent rise from the $41,828 swing low to the $44,300 high.
Bitcoin is now trading above $43,000 and the 100 hourly Simple Moving Average. A connecting bullish trendline is also forming with support around $43,100 on the hourly chart of the BTC/USD pair.
The current price action and the recent breakout call for more profits. On the upside, immediate resistance is around the $44,000 level. The first major resistance forms around $44,300 and $44,500. A close above the $44,500 resistance could set the pace for a move above $45,000.
Source: BTCUSD on TradingView.com
The next major resistance could be near USD 46,500, above which BTC could rise towards the USD 47,200 level. The next big target for the bulls could be $48,000.
Another drop in BTC?
If Bitcoin fails to rise above the $44,500 resistance zone, the price may continue to decline. The immediate downside support is near the $43,200 level.
The next major support is near $43,000 or the 50% Fib retracement level of the recent rise from the $41,828 swing low to the $44,300 high. If there is a move below $43,000, there is a risk of more losses. In the mentioned case, the price could fall towards the $42,000 support in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 43,100, followed by USD 43,000.
Major resistance levels – $44,300, $44,500 and $45,000.
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