Bitcoin tried again to break the $45,000 barrier against the US Dollar. BTC continues to consolidate and is supported at $43,000
- Bitcoin traded up to $45,349.
- The price traded above $43,000, and the simple moving average is 100 hours.
- A major bullish trend line is emerging with support at $42,500 (data feed Kraken).
- Although the pair may correct to a lower level, bulls could be active at $43,000 and $42,500.
Bitcoin Price Remains Supported
Bitcoin prices remained above $43,000. BTC attempted to restart a new increase above the $44,500 mark. Even the resistance level of $45,000 saw it spike above.
But, the upside was not sustained above $45,350. Near $45,349 was the peak and now, prices are correcting their gains. A move was seen below the $45,000- and $44,500-levels. Price also reached the 23.6% Fib Retracement level for the upward movement from $37,030 swing lows to $45,349 highs.
Now, it is trading at $43,000 above the hourly simple moving median of 100. On the hourly chart for the BTC/USD pair, there is a bullish trend line that forms with support at $42,500.
Source: BTCUSD from TradingView.com
Bitcoin currently faces resistance at the $44,250 mark. At the $45,000 resistance, there is the initial key resistance. An increase of more than $45,000 could be possible if the price moves above this resistance. The price may rise to $45,500, and then test the $46,500 threshold. Bulls could face resistance at $47,200.
BTC Dips Limited
A downside correction could occur if bitcoin does not clear the $45,000 resistance area. The $43,380 area is a support zone for the downside.
Next major support will be found near $43,000 or the trendline support. The price could fall towards $41,200 if it breaks below the trendline support. The price is close to the 50% Fib Retracement level for the upward movement from $37,030 swing high to $45,349 low.
Indicators technical
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.
Major Support Levels – $43,380, followed by $42,500.
Major Resistance Levels – $44,250, $45,000 and $45,350.
