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

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.

Did you like this?
Tip Bitcoin Tradeboard with Cryptocurrency

Donate Bitcoin to Bitcoin Tradeboard

Scan to Donate Bitcoin to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate Bitcoin Cash to Bitcoin Tradeboard

Scan to Donate Bitcoin Cash to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate Ethereum to Bitcoin Tradeboard

Scan to Donate Ethereum to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some Ether:

Donate Litecoin to Bitcoin Tradeboard

Scan to Donate Litecoin to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate Monero to Bitcoin Tradeboard

Scan to Donate Monero to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some Monero:

Donate ZCash to Bitcoin Tradeboard

Scan to Donate ZCash to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some ZCash: