Recently the Bitcoin price surged above the $44.000 level against the US Dollar. BTC traded close to $45.000 and could correct the decline in the near term.
- BTC started a wave of recovery above the $43.000 and $43.000 resistance levels.
- The price is now trading above $44.000 and the 100 hour simple moving average.
- There is a key bullish channel forming with support near $44.250 on the BTC/USD hourly chart (Kraken data feed).
- The pair could correct lower towards the $43.500 support zone and the 100 hour SMA.
In this article, we will discuss:
Bitcoin price
O Bitcoin price started a rise above the $43.000K level. BTC remained well bidden and managed to clear the $44.000 resistance level plus the 100 hourly simple moving average.
The price even rose above the $44.500 level and traded close to the $45.000 level. A high was formed near $44.934 and the price is now correcting downwards. There was a break below the $44.500 and $44.400 levels.
An immediate support is near the $44.300 level. There is also a major bullish channel forming with support near $44.250 on the BTC/USD hourly chart. The pair is also well above the 23,6% Fib retracement level from the recent surge from $39.580 low to $44.934 high.
On the upside, an immediate resistance is near the $44.800 level. The first major resistance is near the $45.000 level. A clear break above the $44.800 and $45.000 levels could trigger another rise. The next major resistance is near the $46.200 zone, above which the price could move higher towards the $47.000 resistance.
Bitcoin live chart
Limited dips in BTC?
If bitcoin fails to clear the $45.000K resistance zone, it could start a further decline. An immediate support on the downside is near the $44.300 level.
The next major support is near the $44.250 zone and the channel trend line. A break below the channel support could take the price towards the $43.500 support zone or the 100 hourly simple moving average. Any further losses could push the price towards the 50% Fib retracement level from the recent wave of $39.580 at the swinging low to $44.934 at the $42.250 high.
Technical indicators
- MACD per hour – The MACD is slowly losing pace in the bullish zone.
- RSI per hour (Relative Strength Index) – The RSI for BTC/USD is still above the 50 level.
- Top Support Levels – $44.250, followed by $43.500.
- Major Resistance Levels – $44.800, $45.000 and $46.200.