Bitcoin Price Rips Higher But $43K Is The Key To More Upsides
Bitcoin price formed a base above the $40,000 support zone. BTC is now struggling to clear the $43,000 resistance zone and consolidating.
Bitcoin started a fresh increase from the $40,000 support base.
The price is trading above $42,000 and the 100 hourly Simple moving average.
There was a break above a connecting bearish trend line with resistance near $41,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue to move up if there is a clear move above the $43,000 resistance.
Bitcoin Price Regains Strength
Bitcoin price remained well-bid above the $40,000 support zone. BTC formed a base and recently started a fresh increase above the $41,000 resistance.
There was a break above a connecting bearish trend line with resistance near $41,050 on the hourly chart of the BTC/USD pair. The pair gained strength above the 50% Fib retracement level of the key drop from the $44,699 swing high to the $39,999 low.
Finally, the price tested the $43,000 resistance zone. Bitcoin spiked above the 61.8% Fib retracement level of the key drop from the $44,699 swing high to the $39,999 low.
BTC is now trading above $42,000 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $43,200 level. The first major resistance is forming near $43,500. A close above the $43,500 resistance might start a steady increase.
Source: BTCUSD on TradingView.com
The next key resistance could be near $44,500, above which BTC could rise toward the $45,000 level. A clear move above the $45,000 level could set the pace for a test of $46,500.
Another Decline In BTC?
If Bitcoin fails to rise above the $43,200 resistance zone, it could start another decline. Immediate support on the downside is near the $42,500 level and the 100 hourly Simple moving average.
The next major support is near $42,000, below which the price might test the $41,200 zone. If there is a move below $41,200, there is a risk of more losses. In the stated case, the price could drop toward the $40,000 support in the near term.
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 – $42,500, followed by $42,000.
Major Resistance Levels – $43,200, $44,000, and $45,000.
Filed under: Bitcoin - @ December 14, 2023 2:55 am