TA: Bitcoin Corrects Gains, Why Dips Remain Attractive To Bulls

Bitcoin price started a fresh increase above the $40,000 resistance zone against the US Dollar. BTC tested the $45,000 resistance zone before it started a downside correction. Bitcoin gained traction above the $40,000 and $43,500 resistance levels. The price is now trading above $42,000 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $44,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is correcting gains, but the bulls are likely to remain active near $42,000. Bitcoin Price Remains Supported Bitcoin price started a strong rally above the $40,000 resistance, after ethereum’s surge. BTC surpassed the $41,200 resistance zone to move into a positive zone. There was a clear break above the $42,000 barrier and a close above the 100 hourly simple moving average. Finally, there was a break above the $43,500 resistance zone. The pair tested the $45,000 resistance and a high was formed near $45,339. Recently, there was a downside correction below $45,000. The pair traded below the $44,000 support zone. There was also a break below a key bullish trend line with support near $44,500 on the hourly chart of the BTC/USD pair. The pair traded below the 23.6% Fib retracement level of the recent rally from the $37,365 swing low to $45,339 high. It is now consolidating near the $43,000 support zone. On the upside, an initial resistance is near the $44,000 ...