Bitcoin Price Consolidates, Why Break above $43.5K Is The Key
Bitcoin started a downside correction from $44,500 against the US Dollar. BTC is stable above $42,800 and the bulls might aim a fresh increase above $43,500.
Bitcoin is trading in a positive zone above $42,500 and $42,800.
The price is trading below $43,500 and the 100 hourly simple moving average.
There is a key contracting triangle forming with resistance near $43,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a major increase if there is a clear move above the $43,500 resistance.
Bitcoin price extended increase above the $44,000 resistance zone. BTC even spiked above the $44,200 level before it faced sellers.
A high was formed near $44,400 and the price started a fresh decline. There was a clear move below the $43,500 and $43,200 levels. The price even dived below the $42,500 support and a close below the 100 hourly simple moving average.
A low was formed near $41,800 before the price started an upside correction. It traded as high as $43,791 and is currently consolidating. Bitcoin price is trading below $43,500 and the 100 hourly simple moving average.
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