TA: Bitcoin Revisits $45K, Why Dips Turn Attractive In Short-term
September 23 2021 - 10:08PM
NEWSBTC
Bitcoin price extended its increase above the $44,000 level against
the US Dollar. BTC traded close to $45,000 and it might correct
lower in the short-term. Bitcoin started a recovery wave above the
$43,000 and $43,000 resistance levels. The price is now trading
above $44,000 and the 100 hourly simple moving average. There is a
key rising channel forming with support near $44,250 on the hourly
chart of the BTC/USD pair (data feed from Kraken). The pair could
correct lower towards the $43,500 support zone and the 100 hourly
SMA. Bitcoin Price Extends Increase Bitcoin price started a decent
increase above the $43,000 level. BTC remained well bid and it
managed to clear the $44,000 resistance level plus the 100 hourly
simple moving average. The price even climbed above the $44,500
level and traded close to the $45,000 level. A high is formed near
$44,934 and the price is now correcting lower. There was a break
below the $44,500 and $44,400 levels. An immediate support is near
the $44,300 level. There is also a key rising channel forming with
support near $44,250 on the hourly chart of the BTC/USD pair. The
pair is also well above the 23.6% Fib retracement level of the
recent wave from the $39,580 swing low to $44,934 high. Source:
BTCUSD on TradingView.com On the upside, an immediate resistance is
near the $44,800 level. The first major resistance is near the
$45,000 level. A clear break above the $44,800 and $45,000 levels
could start another increase. The next major resistance is near the
$46,200 zone, above which the price could rise towards the $47,000
resistance. Dips Limited In BTC? If bitcoin fails to clear the
$45,000 resistance zone, it could start a fresh decline. An
immediate support on the downside is near the $44,300 level. The
next major support is near the $44,250 zone and the channel trend
line. A downside break below the channel support could lead the
price towards the $43,500 support zone or the 100 hourly simple
moving average. Any more losses could lead the price towards the
50% Fib retracement level of the recent wave from the $39,580 swing
low to $44,934 high at $42,250. Technical indicators: Hourly MACD –
The MACD is slowly losing pace in the bullish zone. Hourly RSI
(Relative Strength Index) – The RSI for BTC/USD is still above the
50 level. Major Support Levels – $44,250, followed by $43,500.
Major Resistance Levels – $44,800, $45,000 and $46,200.
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Mar 2024 to Apr 2024
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Apr 2023 to Apr 2024