Bitcoin price is trying to make a fresh rise above the $42,200 level. BTC could rise once it breaks the USD 43,350 resistance zone in the near term.
- Bitcoin started a new rise above the $42,000 support zone.
- The price is trading above USD 42,200 and the 100 hourly Simple Moving Average.
- A major bullish trendline is forming with support near $42,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise if there is a clear move above the $43,350 resistance.
Bitcoin price aims higher
Bitcoin price started a decent rise above the USD 41,500 level. BTC was able to break the USD 42,000 resistance zone and enter a positive zone. The bulls managed to push the price above the $43,000 zone.
However, the price seems to be struggling near the $43,350 zone. It reached a high near $43,421 and the price is now consolidating gains. There was a sharp downward correction below the USD 42,500 level. The price even spiked below the 50% Fib retracement level of the upward move from the $40,606 swing low to the $43,421 high.
However, the bulls were active near the $41,500 zone. They protected the 61.8% Fib retracement level of the upward move from the $40,606 swing low to the $43,421 high.
Bitcoin is now trading above $42,200 and the 100 hourly Simple Moving Average. Moreover, a major bullish trendline is forming with support around $42,400 on the hourly chart of the BTC/USD pair. On the upside, immediate resistance is around the $43,300 level.
Source: BTCUSD on TradingView.com
The first major resistance forms around $43,350. A close above the resistance at $43,350 could trigger a steady rise. The next major resistance could be near USD 44,200, above which BTC could rise towards the USD 45,000 level. A clear move above the USD 45,000 level could set the pace for a test of USD 46,500.
Another drop in BTC?
If Bitcoin fails to rise above the USD 43,350 resistance zone, it could trigger another decline. The immediate downside support is near the $42,400 level and the trendline.
The next major support is near USD 42,000 and the 100 Hourly Simple Moving Average, below which the price could test the USD 41,500 zone. If there is a move below $41,500, there is a risk of more losses. In the mentioned case, the price could fall towards the USD 40,600 support in the short term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 42,400, followed by USD 42,000.
Major resistance levels – $43,350, $44,200 and $45,000.
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