TA: Bitcoin Gearing For Lift-Off to $44K: Recovery Isn’t Over Yet

Bitcoin started a steady recovery wave above $42,000 against the US Dollar. BTC tested $43,000 and the bulls might aim more upsides above $43,500.

Bitcoin is showing positive signs above the $42,000 support zone.
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 $42,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might continue to recover and test the $44,000 resistance zone in the near term.

Bitcoin Price Starts Recovery
Bitcoin price formed a support base and climbed above the $42,000 resistance zone. BTC even traded above the $42,500 level and the 100 hourly simple moving average to move into a positive zone.
The upward move gained pace and the price spiked above the $43,000 level. A high is formed near $43,127 and the price is now correcting gains. It traded below the $42,800 support level. There was a move below the 23.6% Fib retracement level of the upward move from the $41,315 swing low to $43,127 high.
Besides, there is a key bullish trend line forming with support near $42,200 on the hourly chart of the BTC/USD pair. Bitcoin is now trading above $42,000 and the 100 hourly simple moving average.

Source: BTCUSD on TradingView.com
On the upside, an initial resistance is near the $43,000 level. The next major resistance is near the $43,200 level. Any more gains could pump the price towards the $44,000 level. The next major resistance is near the $45,000 level.
Fresh Decline in BTC?
If bitcoin fails to recover above $43,000, it could start a fresh decline. An immediate support on the downside is near the $42,500 zone. The first major support is near $42,200 and the bullish trend line.
The trend line is near the 50% Fib retracement level of the upward move from the $41,315 swing low to $43,127 high. A downside break below the trend line support could lead the price towards the $41,800 level and the 100 hourly SMA. Any more losses might push the price towards the $40,500 support zone in the coming sessions.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $42,200, followed by $41,800.
Major Resistance Levels – $43,000, $43,200 and $44,000.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 40,865.95
ethereum
Ethereum (ETH) $ 2,219.74
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 229.97
xrp
XRP (XRP) $ 0.631314
solana
Solana (SOL) $ 64.60
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 2,218.52
cardano
Cardano (ADA) $ 0.405853
dogecoin
Dogecoin (DOGE) $ 0.086753
tron
TRON (TRX) $ 0.103623
chainlink
Chainlink (LINK) $ 15.90
the-open-network
Toncoin (TON) $ 2.44
avalanche-2
Avalanche (AVAX) $ 22.30
matic-network
Polygon (MATIC) $ 0.823464
polkadot
Polkadot (DOT) $ 5.63
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 40,783.93
litecoin
Litecoin (LTC) $ 74.37
dai
Dai (DAI) $ 0.998768
shiba-inu
Shiba Inu (SHIB) $ 0.000009
bitcoin-cash
Bitcoin Cash (BCH) $ 251.66
uniswap
Uniswap (UNI) $ 6.17
okb
OKB (OKB) $ 59.32
stellar
Stellar (XLM) $ 0.123284
leo-token
LEO Token (LEO) $ 3.71
monero
Monero (XMR) $ 173.40
kaspa
Kaspa (KAS) $ 0.143053
true-usd
TrueUSD (TUSD) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 20.19
cosmos
Cosmos Hub (ATOM) $ 9.67
crypto-com-chain
Cronos (CRO) $ 0.093521
filecoin
Filecoin (FIL) $ 4.69
lido-dao
Lido DAO (LDO) $ 2.48
internet-computer
Internet Computer (ICP) $ 4.80
thorchain
THORChain (RUNE) $ 7.18
hedera-hashgraph
Hedera (HBAR) $ 0.063182
near
NEAR Protocol (NEAR) $ 2.11
aptos
Aptos (APT) $ 7.47
bittensor
Bittensor (TAO) $ 345.98
immutable-x
Immutable (IMX) $ 1.43
mantle
Mantle (MNT) $ 0.554112
vechain
VeChain (VET) $ 0.023218
binance-usd
BUSD (BUSD) $ 1.00
optimism
Optimism (OP) $ 1.75
aave
Aave (AAVE) $ 101.51
quant-network
Quant (QNT) $ 102.01
injective-protocol
Injective (INJ) $ 17.32
render-token
Render (RNDR) $ 3.83
arbitrum
Arbitrum (ARB) $ 1.12
the-graph
The Graph (GRT) $ 0.152457