Bitcoin attempted a move towards $45,000 but failed against the US Dollar. BTC is correcting lower, but dips might be limited below $42,800. Bitcoin extended increase above $44,000 before it faced sellers. The price is trading above $43,500 and the 100 hourly simple moving average. There was a break below a short-term rising channel with support near $44,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could drop to $43,000 or $42,800, where the bulls might take a stand. Bitcoin Price Faces Resistance Bitcoin price remained supported and extended increase above the $44,000 level. BTC even cleared the $44,500 resistance and settled above the 100 hourly simple moving average. However, there was no test of the $45,000 resistance zone. A high was formed near $44,770 before the price started a downside correction. There was a break below the $44,500 support zone. Besides, there was a break below a short-term rising channel with support near $44,200 on the hourly chart of the BTC/USD pair. Bitcoin is trading just below the 23.6% Fib retracement level of the upward move from the $41,573 swing low to $44,770 high. On the upside, the price might face resistance near the broken channel support at $44,200. Source: BTCUSD on TradingView.com The first major resistance is near the $44,500 level. A clear move above the $44,500 resistance zone might send the price further higher. The next major resistance is near ...
