Bitcoin started a fresh increase above the $42,500 resistance against the US Dollar. BTC may soon attempt an upside break above the $43,500 resistance zone.
- Bitcoin remained supported near $42,000 and started a fresh increase.
- The price is trading above $42,500 and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $42,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could accelerate higher if there is a clear move above the $43,300 resistance zone.
Bitcoin Price Eyes Upside Break
Bitcoin price found support near the $42,000 zone after a downside correction. BTC formed a base and started a fresh increase above the $42,500 resistance zone.
There was a clear move above the $42,800 level and the price settled above the 100 hourly simple moving average. The price even spike above the $43,000 level and formed a high near $43,288. It is now consolidating near the $43,000 level.
There was a move below the 23.6% Fib retracement level of the recent wave from the $41,811 swing low to $43,288 high. Besides, there is a major bullish trend line forming with support near $42,300 on the hourly chart of the BTC/USD pair.
On the upside, the price is facing resistance near the $43,300 level. The next major resistance could be near the $43,500 zone. A successful break and close above the $43,500 level might start another steady increase.
Source: BTCUSD on TradingView.com
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