Bitcoin made another attempt to break above the $45,000 resistance. According to technical analysis by NewsBTC’s Aayush Jindal, BTC is still consolidating and is supported around $43,000.
Bitcoin Continues to Find Support
Bitcoin continued to find support above the $43,000 level. BTC made another attempt to start a fresh increase above the $44,500 level and climbed above the $45,000 resistance level. However, it failed to continue above $45,350. A local top was formed 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 high to $45,349 high.
It is now trading above $43,000 and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $42,500 on the hourly chart of the BTC/USD pair.
Bitcoin is currently facing resistance near the $44,250 level. The first key 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 stated case, the price could surpass $45,500 and test the $46,500 resistance zone. The next major resistance for the bulls could be near the $47,200 level.
Are Bitcoin Drops Limited?
Jindal says that if Bitcoin fails to break past the $45,000 resistance zone, it could start 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 downside break below the trendline support, the price could drop to $41,200. This is close to the 50% Fib retracement level of the upward move from the $37,030 high to $45,349 high.
What Do Technical Indicators Say?
- Hourly MACD – The MACD is now losing momentum in the bullish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now close to the 50 level.
- Major Support Levels – 43,380 followed by $42,500
- Major Resistance Levels – $44,250, 45,000 and 45,350
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