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Bitcoin Price Rips Higher But $43K Is The Key To More Upsides

0 46

Bitcoin price formed a base above the $40,000 support zone. BTC is now struggling to clear the $43,000 resistance zone and consolidating.

  • Bitcoin started a fresh increase from the $40,000 support base.
  • The price is trading above $42,000 and the 100 hourly Simple moving average.
  • There was a break above a connecting bearish trend line with resistance near $41,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to move up if there is a clear move above the $43,000 resistance.

Bitcoin Price Regains Strength

Bitcoin price remained well-bid above the $40,000 support zone. BTC formed a base and recently started a fresh increase above the $41,000 resistance.

There was a break above a connecting bearish trend line with resistance near $41,050 on the hourly chart of the BTC/USD pair. The pair gained strength above the 50% Fib retracement level of the key drop from the $44,699 swing high to the $39,999 low.

Finally, the price tested the $43,000 resistance zone. Bitcoin spiked above the 61.8% Fib retracement level of the key drop from the $44,699 swing high to the $39,999 low.

BTC is now trading above $42,000 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $43,200 level. The first major resistance is forming near $43,500. A close above the $43,500 resistance might start a steady increase.

Bitcoin Price Rips Higher But $43K Is The Key To More Upsides

Source: BTCUSD on TradingView.com

The next key resistance could be near $44,500, above which BTC could rise toward the $45,000 level. A clear move above the $45,000 level could set the pace for a test of $46,500.

Another Decline In BTC?

If Bitcoin fails to rise above the $43,200 resistance zone, it could start another decline. Immediate support on the downside is near the $42,500 level and the 100 hourly Simple moving average.

The next major support is near $42,000, below which the price might test the $41,200 zone. If there is a move below $41,200, there is a risk of more losses. In the stated case, the price could drop toward the $40,000 support in the near 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 – $42,500, followed by $42,000.

Major Resistance Levels – $43,200, $44,000, and $45,000.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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