TA: 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 Is Holding Support 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. An immediate support is near the 50% Fib retracement level of the recent increase from the $41,800 swing low to $43,791 high. Besides, there is a key contracting triangle forming with resistance near $43,200 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com On the upside, an ...