Bitcoin price corrected gains and tested the $42,650 zone. BTC is again attempting a fresh increase and eyeing a move above the $43,750 resistance.
- Bitcoin found support above the $42,500 zone and started a fresh increase.
- The price is trading below $43,550 and the 100 hourly Simple moving average.
- There is a connecting bearish trend line forming with resistance near $43,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh increase if it clears the $43,750 and $44,300 resistance levels.
Bitcoin Price Holds Ground
Bitcoin price failed to clear the $44,300 resistance zone and started a downside correction. BTC declined below $43,500 level, but the bulls were active above the $42,500 zone.
A low was formed near $42,860 and the price is now attempting a fresh increase. There was a move above the $43,200 resistance zone. The price climbed above the 50% Fib retracement level of the downward move from the $44,429 swing high to the $42,680 low.Bitcoin is still trading below $43,550 and the 100 hourly Simple moving average. There is also a connecting bearish trend line forming with resistance near $43,600 on the hourly chart of the BTC/USD pair.
The trend line is close to the 61.8% Fib retracement level of the downward move from the $44,429 swing high to the $42,680 low. On the upside, immediate resistance is near the $43,550 level. The first major resistance is forming near the trend line.