TA: Bitcoin Prints Bullish Pattern, Why Close Above $44K Is Critical

Bitcoin price started a decent increase above the $42,000 level against the US Dollar. BTC is now eyeing a key upside break above the $44,000 resistance zone. Bitcoin started a recovery wave above the $42,000 and $43,000 resistance levels. The price is still trading below $44,000 and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $42,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could accelerate higher if there is a clear break above $44,000. Bitcoin Price Starts Fresh Recovery Bitcoin price remained well bid above the $42,000 level. BTC formed a support base and started a decent increase above the $42,500 level. There was a break above a major bearish trend line with resistance near $42,500 on the hourly chart of the BTC/USD pair. The pair climbed higher above the $43,000 and $43,500 resistance levels. It even tested the $44,000 level. However, the bulls are struggling to gain strength above $44,000. Bitcoin is still trading below $44,000 and the 100 hourly simple moving average. A high is formed near $44,024 and the price is now consolidating gains. It even tested the 23.6% Fib retracement level of the recent increase from the $39,579 swing low to $44,024 high. On the upside, an immediate resistance is near the $44,000 level. The first major resistance is near the $44,200 level and the 100 hourly simple moving average. Source: BTCU...