TA: Bitcoin Steadies Above $42K, What Could Spark More Upsides

Bitcoin started a steady increase above the $42,000 resistance against the US Dollar. BTC tested the $43,400 zone and recently corrected lower. Bitcoin started a downside correction after a test of $43,400. 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 $41,950 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must stay above the $41,500 support zone to remain in a positive zone. Bitcoin Price Remains In Uptrend Bitcoin price started a steady increase after it cleared the $42,000 resistance zone. BTC gained pace for a move above the $42,500 level and settled above the 100 hourly simple moving average. The upward move was such that the price even broke the $43,200 resistance. It traded as high as $43,402 and is currently correcting lower. There was a move below the 23.6% Fib retracement level of the recent increase from the $40,510 swing low to $43,402 high. However, the bulls are defending the $42,000 support zone. There is also a key bullish trend line forming with support near $41,950 on the hourly chart of the BTC/USD pair. The trend line is close to the 50% Fib retracement level of the recent increase from the $40,510 swing low to $43,402 high. On the upside, the price is facing resistance near the $42,800 level. The next major resistance could be near the $43,000 zone. A successful break and close above the $4...