Bitcoin has been consolidating losses higher than the $43,000 support level against the US Dollar. BTC may move higher to the $44,275 resistance, or $44,850.
- Bitcoin managed to remain above $43,000 support area.
- The 100 hourly simple moving mean and price are still below $45,000
- On the hourly chart for the BTC/USD pair, there is a bearish trend line that forms with resistance at $43,650 (data feed Kraken).
- If the pair settles at $43,800, it could begin an upward correction.
Bitcoin Price Consolidates
Bitcoin prices continued to fall below $45,000 support level. BTC’s price even soared above $43,000 but the bulls maintained more upsides.
In the beginning, it traded above $43,000. But, the price is well below $45,000 as it still falls far short of its 100 hourly moving average. On the hourly chart, the BTC/USD pair is trading at a critical bearish trend line. Resistance lies near $43,650.
It is located near $43,830. The 23.6% Fib level is very close to that of the pivotal drop from $46,845 high from $42,905 low.
Price could struggle to reach $44,275 as the nearest resistance. The price may test $44,875 if it moves above $44,275. This price is now close to the 50% Fib Retracement level for the crucial drop from $46,845 swing high and $42,905 low.
Source: BTCUSD at TradingView.com
To gain bullish momentum, Bitcoin must cross the $44,875 or $45,000 resistance levels. The price could rise to the $46,000 level in the above scenario. A level of resistance intermediate might be at $45,500.
BTC Losses:
Bitcoin could move lower if it fails to break the $44,875 resistance level. Near the $43,000 level, there is immediate support for the downside.
Near the $42,900 or recent low, the next significant support can be seen. Losses could be accelerated by a downside breakout below the $42,900 support area. The price may drop to $42,200 in the short term in this scenario. This support may be followed by $42,000.
Technical indicators
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $43,000, followed by $42,000.
Major Resistance Levels – $43,875, $44,000 and $45,000.