Bitcoin price is trying to rise again from the $42,000 support. BTC may gain bullish momentum if it breaks above the $43,300 resistance zone.
Bitcoin price is trying to break above the $42,750 resistance zone.
The price is trading above $42,800 and the 100 hourly simple moving average.
A short-term ascending channel is forming near $42,950 on the hourly chart of the BTC/USD pair (data feed via Kraken).
Barring a close below the $42,350 support area, the pair is likely to continue rising.
Bitcoin price remains supported.
Bitcoin price formed a base above $42,000 and started a steady rise. BTC was able to break above the $42,200 and $42,500 resistance levels.
The price broke the 50% Fib retracement level of the downward wave from the swing high of $43,740 to low of $41,888. The bulls were able to push the price above the $43,000 resistance. A short-term ascending channel has now formed on the hourly chart of the BTC/USD pair, with support near $42,950.
Bitcoin is currently trading above $42,800 and the 100 hourly simple moving average. Immediate resistance is near $43,300. It is near the 76.4% Fib retracement level of the downward wave from the swing high of $43,740 to low of $41,888.
The next key resistance level is likely to be $43,750, above which the price may start to rise significantly. The next stop for the bulls could be $44,000.
