Bitcoin gained momentum above the $42,000 resistance zone. It continues to rise and according to technical analysis by NewsBTC’s Aayush Jindal, it could surpass the $45,000 resistance zone in the near term.
Bitcoin Rises 5%
Bitcoin gained momentum above the $43,000 level after breaking the $42,000 resistance zone. It even settled above the $44,000 level and settled above the 100 hourly simple moving average. There is a bullish trend line forming with support near $43,500 on the hourly chart of the BTC/USD pair.
The next major resistance is near the $45,000 zone. A clear upside break above the $45,000 resistance could provide additional gains. In the stated case, BTC could even rise to the $46,500 resistance zone.
Will Bitcoin Drop?
Jindal says that if Bitcoin fails to start a fresh increase above $44,500, it could initiate a downside correction. An immediate support is near the $43,750 area and the trend line. The first major support is seen near the $43,000 region. This is close to the 50% Fib retracement level of the rise from the $41,141 high to $44,528 high. If there is a downside break below the $43,000 support, the price could slide towards the $41,200 support and the 100 hourly simple moving average.
What Are Technical Indicators Saying?
- Hourly MACD – The MACD is now gaining momentum in the bullish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 60 level.
- Main Support Levels – 43,500 then $43,000
- Main Resistance Levels – $44,500, $45,000, and $46,500
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