Bitcoin price is consolidating above the $42,250 support zone. BTC could start a decent increase if it clears the $43,000 and $43,400 resistance levels.
- Bitcoin price failed again to clear the $43,400 resistance zone and corrected lower.
- The price is trading below $43,000 and the 100 hourly Simple moving average.
- There is a major rising channel forming with support at $42,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to decline if there is a clear move below the $42,250 support.
Bitcoin Price Holds Support
Bitcoin price made another attempt to clear the $43,400 and $43,500 resistance levels. However, BTC struggled to extend its gains and recently started another decline below $43,000.
There was a move below the $42,800 support. A low is formed near $42,320 and the price is now consolidating losses. There is also a major rising channel forming with support at $42,400 on the hourly chart of the BTC/USD pair.Bitcoin is now trading below $43,000 and the 100 hourly Simple moving average. Immediate resistance is near the $42,900 level. It is near the 50% Fib retracement level of the downward wave from the $43,489 swing high to the $42,320 low.
The next key resistance could be $43,200 and the 76.4% Fib retracement level of the downward wave from the $43,489 swing high to the $42,320 low, above which the price could start a decent increase.
