Bitcoin price is attempting a fresh increase above the $42,500 resistance. BTC is showing bullish signs and might rally further above the $43,800 resistance.
- Bitcoin price is consolidating gains above the $42,500 resistance zone.
- The price is trading above $42,750 and the 100 hourly Simple moving average.
- There is a key bullish trend line forming with support near $42,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise if it clears the $43,250 and $43,800 resistance levels.
Bitcoin Price Holds Ground
Bitcoin price started a decent increase above the $42,000 resistance zone. BTC was able to clear the $42,500 and $43,200 resistance levels. However, the bears were active near the $43,800 zone.
A new weekly high was formed near $43,779 before the price started a short-term downside correction. There was a drop below the $43,200 level. It broke the 23.6% Fib retracement level of the upward wave from the $41,650 swing low to the $43,779 high.Bitcoin is now trading above $42,750 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support near $42,650 on the hourly chart of the BTC/USD pair. The trend line is near the 61.8% Fib retracement level of the upward wave from the $41,650 swing low to the $43,779 high.
Immediate resistance is near the $43,250 level. The next key resistance could be $43,800, above which the price could start a decent increase. The next stop for the bulls may perhaps be $44,500.
