TA: Bitcoin Holds Uptrend Support, Why 100 SMA Is The Key

Bitcoin remained well supported near the $42,700 support zone against the US Dollar. BTC is rising and might accelerate higher above $44,850 in the near term. Bitcoin is holding gains, but it is still well below the $45,000 resistance zone. The price is trading above $43,000 and the 100 hourly simple moving average. There is a key rising channel forming with support near $44,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could decline sharply if there is a clear move below the 100 hourly SMA. Bitcoin Price Aims Fresh Increase Bitcoin price started a downside correction below the $44,000 level. BTC even declined below the $43,000 level, but the bulls appeared near the $42,700 zone. The price also remained stable above $42,500 and the 100 hourly simple moving average. A low was formed near $42,709 and the price started a fresh increase. There was a clear move above the $43,200 and $43,500 resistance levels. Besides, the price climbed above the 50% Fib retracement level of the downward move from the $45,500 swing high to $42,709 low. There is also a key rising channel forming with support near $44,000 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $42,000 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $44,500 level. Source: BTCUSD on TradingView.com The next major resistance is near the $44,850 zone or the 76.4% Fib retraceme...