TA: Bitcoin Steadies Above $43K, Why BTC Could Recover Higher
Bitcoin is consolidating losses above the $43,000 support against the US Dollar. BTC could correct higher towards the $44,275 resistance or $44,850.
Bitcoin managed to stay above the $43,000 support zone. The price is still well below $45,000 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $43,650 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start an upside correction if it settles above $43,800.Bitcoin Price Consolidates
Bitcoin price extended decline below the $45,000 support zone. BTC even spiked below the $43,000 level, but the bulls protected more downsides.
The price started trading in a range above the $43,000 level. However, it is still well below $45,000 and the 100 hourly simple moving average. It is now trading near a key bearish trend line forming with resistance near $43,650 on the hourly chart of the BTC/USD pair.
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The next resistance could be near $44,275, where the price might struggle. If there is a move above $44,275, the price could test the $44,875 level. It is near the 50% Fib retracement level of the key drop from the $46,845 swing high from the $42,905 low.
Bitcoin price must clear the $44,875 and $45,000 resistance levels to gain bullish momentum. In the stated case, the price may perhaps rise towards the $46,000 resistance zone. An intermediate resistance might be near the $45,500 level.
More Losses in BTC?
If bitcoin fails to clear the $44,875 resistance zone, it could continue to move down. An immediate support on the downside is near the $43,000 level.
The next major support is seen near the $42,900 level or the recent low. A downside break below the $42,900 support zone could accelerate losses. In the stated case, the price could drop towards the $42,200 support in the near term. The next major support might be $42,000.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $43,000, followed by $42,000.
Major Resistance Levels – $43,875, $44,000 and $45,000.