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Bitcoin worth prolonged its rally above the $43,200 resistance. BTC is now consolidating positive aspects and may rally additional towards the $45,000 zone.

• Bitcoin surged additional above the $42,200 and $43,200 ranges.
• The worth is buying and selling above $43,200 and the 100 hourly Simple transferring common.
• There are two bullish pattern traces forming with help close to $43,200 and $41,800 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair may appropriate decrease towards $43,200 earlier than it begins a contemporary improve.

Bitcoin Price Extends Rally

Bitcoin worth remained in a gentle uptrend above the $40,000 resistance zone. BTC gained over 15% up to now few days and even surged above the $42,000 zone.

The upward transfer gained tempo above the $43,200 resistance zone.  A brand new multi-month excessive is fashioned close to $44,465 and the worth is now correcting positive aspects. There was a transfer beneath the $44,000 degree. The worth remains to be above the 23.6% Fib retracement degree of the upward transfer from the $39,476 swing low to the $44,465 excessive.

Bitcoin additionally trades above $43,200 and the 100 hourly Simple moving average. Besides, there are two bullish pattern traces forming with help close to $43,200 and $41,800 on the hourly chart of the BTC/USD pair. The second pattern line is near the 50% Fib retracement degree of the upward transfer from the $39,476 swing low to the $44,465 excessive.

On the upside, quick resistance is close to the $44,200 degree. The first main resistance is forming close to $44,450, above which the worth may rise towards the $45,000 degree.

Source: BTCUSD on TradingView.com

A detailed above the $45,000 resistance may ship the worth additional increased. The subsequent key resistance may very well be close to $46,400, above which BTC may rise towards the $48,000 degree.

Are Dips Supported In BTC?

If Bitcoin fails to rise above the $44,500 resistance zone, it may begin a draw back correction. Immediate help on the draw back is close to the $43,250 degree.

The subsequent main help is close to $42,800, beneath which the worth may check the second pattern line. If there’s a transfer beneath $42,000, there’s a threat of extra downsides. In the acknowledged case, the worth may drop towards the $40,500 help within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 degree.

Major Support Levels – $43,200, adopted by $42,000.

Major Resistance Levels – $44,200, $44,450, and $45,000.