Bitcoin started a steady increase above the $42,000 resistance against the US Dollar. BTC tested the $43,400 zone and recently corrected lower.
- Bitcoin started a downside correction after a test of $43,400.
- The price is trading above $42,000 and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support near $41,950 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair must stay above the $41,500 support zone to remain in a positive zone.
Bitcoin Price Remains In Uptrend
Bitcoin price started a steady increase after it cleared the $42,000 resistance zone. BTC gained pace for a move above the $42,500 level and settled above the 100 hourly simple moving average.
The upward move was such that the price even broke the $43,200 resistance. It traded as high as $43,402 and is currently correcting lower. There was a move below the 23.6% Fib retracement level of the recent increase from the $40,510 swing low to $43,402 high.
However, the bulls are defending the $42,000 support zone. There is also a key bullish trend line forming with support near $41,950 on the hourly chart of the BTC/USD pair. The trend line is close to the 50% Fib retracement level of the recent increase from the $40,510 swing low to $43,402 high.
On the upside, the price is facing resistance near the $42,800 level. The next major resistance could be near the $43,000 zone. A successful break and close above the $43,000 level might start another steady increase.
Source: BTCUSD on TradingView.com
In the stated case, the price might rise towards the…