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 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.
On the upside, an initial resistance is near the $43,000 level. The next major resistance is near the $43,200 level.
The most trusted name in the Canadian Financial Service Industry. With 17 years of experience, Hafez provides a secure and fast channel for all clients. Hafez assists clients in their tuition payments and refunds, individual payments, corporate payments and crypto currency transactions.