TA: Bitcoin Price Geared To New Launch: Rally Is Not Over
Bitcoin made another attempt to gain pace above the $45,000 resistance against the US dollar. BTC is still consolidating and remains supported near $43,000.
Bitcoin peaked above the $45,000 resistance zone and traded as low as $45,349. The price is trading above $43,000 and the 100 hourly simple moving average. A major bullish trendline is forming with support near $42,500 on the hourly chart of the BTC/USD pair (Kraken data feed). The pair may correct lower, but the bulls could be active near USD 43,000 or USD 42,500.
Bitcoin price remains supported
Bitcoin price remained supported above the $43,000 level. BTC made another attempt to start a fresh rise above the USD 44,500 level. It even peaked above the $45,000 resistance level.
However, there was no upward continuation above $45,350. It highs near $45,349 and the price is now correcting gains. There was a move below the $45,000 and $44,500 levels. The price also tested the 23.6% Fib retracement level of the upward move from the $37,030 swing low to $45,349 high.
It is now trading above $43,000 and the 100 hourly simple moving average. A major bullish trendline is also forming with support near USD 42,500 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
Bitcoin is now facing resistance and is near the USD 44,250 level. The first major resistance is near the $45,000 level. A clear move above the $45,000 resistance could set the pace for a larger rise. In the mentioned case, the price could cross $45,500 and test the $46,500 resistance zone. The next major resistance for the bulls may be near the USD 47,200 level.
Dips limited in BTC?
If bitcoin fails to clear the $45,000 resistance zone, it could trigger a downside correction. An immediate support on the downside is near the $43,380 zone.
The next major support is seen near the $43,000 level or the trendline support. If there is a downward breach below the trendline support, the price may drop towards $41,200. It is near the 50% Fib retracement level of the upward move from the $37,030 swing low to $45,349 high.
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.
Key support levels – $43,380, followed by $42,500.
Major resistance levels – $44,250, $45,000 and $45,350.