TA: Bitcoin Prints Bullish Pattern, Why Close Above $44K Is Critical
23 September 2021 - 5:08AM
NEWSBTC
Bitcoin price started a decent increase above the $42,000 level
against the US Dollar. BTC is now eyeing a key upside break above
the $44,000 resistance zone. Bitcoin started a recovery wave above
the $42,000 and $43,000 resistance levels. The price is still
trading below $44,000 and the 100 hourly simple moving average.
There was a break above a major bearish trend line with resistance
near $42,500 on the hourly chart of the BTC/USD pair (data feed
from Kraken). The pair could accelerate higher if there is a clear
break above $44,000. Bitcoin Price Starts Fresh Recovery Bitcoin
price remained well bid above the $42,000 level. BTC formed a
support base and started a decent increase above the $42,500 level.
There was a break above a major bearish trend line with resistance
near $42,500 on the hourly chart of the BTC/USD pair. The pair
climbed higher above the $43,000 and $43,500 resistance levels. It
even tested the $44,000 level. However, the bulls are struggling to
gain strength above $44,000. Bitcoin is still trading below $44,000
and the 100 hourly simple moving average. A high is formed near
$44,024 and the price is now consolidating gains. It even tested
the 23.6% Fib retracement level of the recent increase from the
$39,579 swing low to $44,024 high. On the upside, an immediate
resistance is near the $44,000 level. The first major resistance is
near the $44,200 level and the 100 hourly simple moving average.
Source: BTCUSD on TradingView.com A clear break above the $44,000
and $44,200 levels could start a strong increase. The next major
resistance is near the $45,000 zone, above which the price could
rise towards the $47,000 resistance. Dips Limited In BTC? If
bitcoin fails to clear the $44,000 resistance zone, it could start
a fresh decline. An immediate support on the downside is near the
$43,000 level. The next major support is near the $42,000 zone. The
50% Fib retracement level of the recent increase from the $39,579
swing low to $44,024 high is also near the $42,000 zone. A downside
break below the $42,000 zone could start a fresh decline. In the
stated case, the price could even revisit the $40,000 level in the
near term. Technical indicators: Hourly MACD – The MACD is slowly
gaining pace in the bullish zone. Hourly RSI (Relative Strength
Index) – The RSI for BTC/USD is now above the 50 level. Major
Support Levels – $43,000, followed by $42,000. Major Resistance
Levels – $44,000, $44,200 and $45,000.
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