Bitcoin started a fresh rise above the $43,500 resistance yesterday. According to technical analysis by NewsBTC’s Aayush Jindal, BTC is showing positive signals and may even rise above $45,000.
Bitcoin Continues to Find Support
Bitcoin formed a base above the $42,500 zone and started a fresh rise above the $43,000 resistance zone. BTC broke the $44,000 level and settled above the 100 hourly simple moving average. A local top was formed near $44,381 and the price is now consolidating its gains and trading near the 23.6% Fib retracement level of the recent high from the $42,637 high to $44,381 high. It is also well above the 100 hourly simple moving average. There is a major bullish trend line forming with support near $42,300 on the hourly chart of
BTC/USD. According to the analyst, BTC is facing resistance near the $44,300 level. The next major resistance could be near the $44,500 area.
According to Jindal, Bitcoin could rise towards the $45,000 resistance. A successful break and close above the $45,000 level could open up some decent gains. In the stated case, BTC could rally to the $46,500 level.
Will Bitcoin Drop?
Jindal says that if Bitcoin fails to break past the $44,500 resistance zone, it could start a downside correction. According to him, an immediate support is near the $43,500 zone. The 50% Fib retracement level of the rise from the $42,637 high to $44,381 high is also near $43,500.
The next major support is seen near the trendline and $43,300. A downside break below the $43,300 support zone could start a decline towards the $42,500 support.
What Do Technical Indicators Say?
- Hourly MACD – The MACD is moving slowly in the bearish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 60 level.
- Major Support Levels – $43,500 followed by $43,300
- Major Resistance Levels – $44,300, 44,500 and $45,000
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