Bitcoin price is attempting a fresh increase from the $42,000 support. BTC could gain bullish momentum if it clears the $43,300 resistance zone.
- Bitcoin price is attempting a fresh increase above the $42,750 resistance zone.
- The price is trading above $42,800 and the 100 hourly Simple moving average.
- There is a short-term rising channel forming with support near $42,950 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise unless there is a close below the $42,350 support zone.
Bitcoin Price Remains Supported
Bitcoin price formed a base above the $42,000 level and started a steady increase. BTC was able to climb above the $42,200 and $42,500 resistance levels.
There was a move above the 50% Fib retracement level of the downward wave from the $43,740 swing high to the $41,888 low. The bulls were able push the price above the $43,000 resistance. There is now a short-term rising channel forming with support near $42,950 on the hourly chart of the BTC/USD pair.Bitcoin is now trading above $42,800 and the 100 hourly Simple moving average. Immediate resistance is near the $43,300 level. It is near the 76.4% Fib retracement level of the downward wave from the $43,740 swing high to the $41,888 low.
The next key resistance could be $43,750, above which the price could start a decent increase. The next stop for the bulls may perhaps be $44,000.
