TA: Bitcoin Steadies Above $43K, Why BTC Could Recover Higher

Aayush Jindal

1 year ago

2 mins read

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Bitcoin is consolidating losses above the $43,000 support against the US Dollar. BTC could correct higher towards the $44,275 resistance or $44,850.

Bitcoin managed to stay above the $43,000 support zone.
The price is still well below $45,000 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $43,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start an upside correction if it settles above $43,800.

Bitcoin Price Consolidates

Bitcoin price extended decline below the $45,000 support zone. BTC even spiked below the $43,000 level, but the bulls protected more downsides.

The price started trading in a range above the $43,000 level. However, it is still well below $45,000 and the 100 hourly simple moving average. It is now trading near a key bearish trend line forming with resistance near $43,650 on the hourly chart of the BTC/USD pair.

The first major barrier is near the $43,830 level. It is close to the 23.6% Fib retracement level of the key drop from the $46,845 swing high from the $42,905 low.

The next resistance could be near $44,275, where the price might struggle. If there is a move above $44,275, the price could test the $44,875 level. It is near the 50% Fib retracement level of the key drop from the $46,845 swing high from the $42,905 low.

Source: BTCUSD on TradingView.com

Bitcoin price must clear the $44,875 and $45,000 resistance levels to gain bullish momentum. In the stated case, the price may perhaps rise towards the $46,000 resistance zone. An intermediate resistance might be near the $45,500 level.

More Losses in BTC?

If bitcoin fails to clear the $44,875 resistance zone, it could continue to move down. An immediate support on the downside is near the $43,000 level.

The next major support is seen near the $42,900 level or the recent low. A downside break below the $42,900 support zone could accelerate losses. In the stated case, the price could drop towards the $42,200 support in the near term. The next major support might be $42,000.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $43,000, followed by $42,000.

Major Resistance Levels – $43,875, $44,000 and $45,000.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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