Bitcoin started a steady recovery wave above $42,000 against the US Dollar. BTC tested $43,000 and the bulls might aim more upsides above $43,500. Bitcoin is showing positive signs above the $42,000 support zone. The price is trading above $42,000 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $42,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might continue to recover and test the $44,000 resistance zone in the near term. Bitcoin Price Starts Recovery Bitcoin price formed a support base and climbed above the $42,000 resistance zone. BTC even traded above the $42,500 level and the 100 hourly simple moving average to move into a positive zone. The upward move gained pace and the price spiked above the $43,000 level. A high is formed near $43,127 and the price is now correcting gains. It traded below the $42,800 support level. There was a move below the 23.6% Fib retracement level of the upward move from the $41,315 swing low to $43,127 high. Besides, there is a key bullish trend line forming with support near $42,200 on the hourly chart of the BTC/USD pair. Bitcoin is now trading above $42,000 and the 100 hourly simple moving average. Source: BTCUSD on TradingView.com On the upside, an initial resistance is near the $43,000 level. The next major resistance is near the $43,200 level. Any more gains could pump the price towards the $44,000 level...
