Bitcoin price holds gains above the $41,500 zone. BTC is rising and could gain bullish momentum above the USD 43,200 resistance zone.
- Bitcoin is attempting a fresh rise above the USD 42,500 resistance 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 $42,280 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise if a close above the $43,200 resistance zone occurs.
Bitcoin price remains supported
Bitcoin price fell and broke the USD 42,200 support zone. BTC formed a base above the $41,200 level and recently started a new increase.
A low was formed at $41,317 and the price is now rising. There was a move above the USD 42,000 resistance zone. The price climbed above the 50% Fib retracement level of the downward move from the $43,792 swing high to the $41,317 low.
Bitcoin is now trading above $42,200 and the 100 hourly Simple Moving Average. There is also a major bullish trendline forming with support around $42,280 on the hourly chart of the BTC/USD pair.
On the upside, immediate resistance is around the $42,800 level. It is close to the 61.8% Fib retracement level of the downward move from the $43,792 swing high to the $41,317 low. The first major resistance is $43,200. A close above the USD 43,200 level could send the price rising further.
Source: BTCUSD on TradingView.com
The main hurdle is at $43,800. A close above the $43,800 resistance could mark a decent move towards the $44,500 level. The next major resistance could be near USD 45,000, above which BTC could rise towards the USD 46,200 level.
Another drop in BTC?
If Bitcoin fails to rise above the USD 43,200 resistance zone, it could start a new decline. The immediate downside support is near the $42,250 level and the trendline.
The next major support is near $41,620. If there is a move below $41,620, there is a risk of more losses. In the mentioned case, the price could fall towards the USD 40,500 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 42,250, followed by USD 41,620.
Major resistance levels – $42,800, $43,200 and $43,800.
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