Bitcoin price found support and started a decent rise above $43,000. BTC is rising, but it might struggle to break the USD 44,300 and USD 44,500 resistance levels.
- Bitcoin tested the $41,650 zone and started a new rise.
- The price is trading above USD 43,000 and the 100 hourly Simple Moving Average.
- There was a break above a connecting bearish trendline with resistance near $43,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue moving towards the key resistance at $44,300.
Bitcoin price starts to rise again
Bitcoin price could find bids above the USD 41,500 level. BTC formed a base and recently started a new increase from the low of $41,637. There was a steady rise above the USD 42,500 resistance zone.
There was a break above a connecting bearish trendline with resistance near $43,350 on the hourly chart of the BTC/USD pair. The pair even climbed above the 61.8% Fib retracement level of the downward move from the $44,429 swing high to the $41,636 low.
Bitcoin is now trading above $43,000 and the 100 hourly Simple Moving Average. On the upside, immediate resistance is around the $43,780 level. It is close to the 76.4% Fib retracement level of the downward move from the $44,429 swing high to the $41,636 low.
Source: BTCUSD on TradingView.com
The first major resistance is $44,000. The main hurdle is at $44,300. A close above the $44,300 resistance could mark a decent move towards the $45,000 level. The next major resistance could be near USD 45,500, above which BTC could rise towards the USD 46,500 level.
Another rejection in BTC?
If Bitcoin fails to rise above the USD 44,000 resistance zone, it could start a new decline. The immediate downside support is near the $43,350 level.
The next major support is near $42,750. If there is a move below $42,750, 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 43,350, followed by USD 42,750.
Major resistance levels – $43,750, $44,000 and $44,300.
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