Bitcoin started a steady recovery wave above $42,000 against the US Dollar. BTC tested $43,000 and the bulls might aim more upsides above $43,500.
Bitcoin is showing positive signs above the $42,000 support zone.
The price is trading above $42,000 and the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $42,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might continue to recover and test the $44,000 resistance zone in the near term.
Bitcoin Price Starts Recovery
Bitcoin price formed a support base and climbed above the $42,000 resistance zone. BTC even traded above the $42,500 level and the 100 hourly simple moving average to move into a positive zone.
The upward move gained pace and the price spiked above the $43,000 level. A high is formed near $43,127 and the price is now correcting gains. It traded below the $42,800 support level. There was a move below the 23.6% Fib retracement level of the upward move from the $41,315 swing low to $43,127 high.
Besides, there is a key bullish trend line forming with support near $42,200 on the hourly chart of the BTC/USD pair. Bitcoin is now trading above $42,000 and the 100 hourly simple moving average.
Source: BTCUSD on TradingView.com
On the upside, an initial resistance is near the $43,000 level. The next major resistance is near the $43,200 level. Any more gains could pump the price towards the $44,000 level. The next major resistance is near the $45,000 level.
Fresh Decline in BTC?
If bitcoin fails to recover above $43,000, it could start a fresh decline. An immediate support on the downside is near the $42,500 zone. The first major support is near $42,200 and the bullish trend line.
The trend line is near the 50% Fib retracement level of the upward move from the $41,315 swing low to $43,127 high. A downside break below the trend line support could lead the price towards the $41,800 level and the 100 hourly SMA. Any more losses might push the price towards the $40,500 support zone in the coming sessions.
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 – $42,200, followed by $41,800.
Major Resistance Levels – $43,000, $43,200 and $44,000.
Bitcoin started a steady recovery wave above $42,000 against the US Dollar. BTC tested $43,000 and the bulls might aim more upsides above $43,500.
Bitcoin is showing positive signs above the $42,000 support zone.
The price is trading above $42,000 and the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $42,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might continue to recover and test the $44,000 resistance zone in the near term.
Bitcoin price formed a support base and climbed above the $42,000 resistance zone. BTC even traded above the $42,500 level and the 100 hourly simple moving average to move into a positive zone.
The upward move gained pace and the price spiked above the $43,000 level. A high is formed near $43,127 and the price is now correcting gains. It traded below the $42,800 support level. There was a move below the 23.6% Fib retracement level of the upward move from the $41,315 swing low to $43,127 high.
Besides, there is a key bullish trend line forming with support near $42,200 on the hourly chart of the BTC/USD pair. Bitcoin is now trading above $42,000 and the 100 hourly simple moving average.
Source: BTCUSD on TradingView.com
On the upside, an initial resistance is near the $43,000 level. The next major resistance is near the $43,200 level. Any more gains could pump the price towards the $44,000 level. The next major resistance is near the $45,000 level.
If bitcoin fails to recover above $43,000, it could start a fresh decline. An immediate support on the downside is near the $42,500 zone. The first major support is near $42,200 and the bullish trend line.
The trend line is near the 50% Fib retracement level of the upward move from the $41,315 swing low to $43,127 high. A downside break below the trend line support could lead the price towards the $41,800 level and the 100 hourly SMA. Any more losses might push the price towards the $40,500 support zone in the coming sessions.
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 – $42,200, followed by $41,800.
Major Resistance Levels – $43,000, $43,200 and $44,000.
Tags: bitcoinbtcusdBTCUSDTxbtusd
FeedzyRead More
Investors are still gauging macroeconomic factors, one observer said.Read MoreCoinDesk: Bitcoin, Ethereum, Crypto News and…
Bitcoin price climbed above the $66,000 resistance zone and started consolidation. BTC is now eyeing…
Recent insights from Glassnode’s cofounders, shared under their X (formerly Twitter) account ‘Negentrophic’ have sparked…
Samson Mow, the chief executive at Jan3, recently spoke to Forbes about the latest Bitcoin…
Originally published on Unchained.com. Unchained is the official US Collaborative Custody partner of Bitcoin Magazine…
In a post on X, one analyst has picked out a key on-chain metric that could…