Bitcoin attempted a move towards $45,000 but failed against the US Dollar. BTC is correcting lower, but dips might be limited below $42,800.
Bitcoin price remained supported and extended increase above the $44,000 level.
BTC even cleared the $44,500 resistance and settled above the 100 hourly simple moving average.
However, there was no test of the $45,000 resistance zone. A high was formed near $44,770 before the price started a downside correction.
Besides, there was a break below a short-term rising channel with support near $44,200 on the hourly chart of the BTC/USD pair.
Bitcoin is trading just below the 23.6% Fib retracement level of the upward move from the $41,573 swing low to $44,770 high.
On the upside, the price might face resistance near the broken channel support at $44,200.
The first major resistance is near the $44,500 level. A clear move above the $44,500 resistance zone might send the price further higher.
The next major resistance is near $45,000, above which the price might rise towards the $45,500 resistance level.
If bitcoin fails to continue higher above the $44,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the $43,800 zone.
The next major support is seen near the $43,150 level. It is near the 50% Fib retracement level of the upward move from the $41,573 swing low to $44,770 high.
If there is a downside break below the $43,850 support zone, the price might struggle.
The next support sits near $42,800 or the 100 hourly SMA, below which there is a risk of a sharp decline in the near term.
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still above the 50 levels.
Major Support Levels – $43,800, followed by $43,150.
Major Resistance Levels – $44,200, $44,500 and $45,500. - Newsbtc.com!
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