TA: Bitcoin Consolidates Below $45K, What Could Trigger A Correction

Bitcoin spiked to test the $45,000 resistance against the US Dollar. BTC is consolidating gains and might correct lower towards $43,000 in the near term. Bitcoin extended increase and traded close to the $45,000 resistance zone. The price is trading above $44,000 and the 100 hourly simple moving average. There is a key contracting triangle forming with resistance near $44,450 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct lower if there is a move below the $43,000 support zone. Bitcoin Price Extends Rally Bitcoin price started a major increase above the $42,000 level. BTC was able to stay above the $43,000 level and consolidating near $44,000. Finally, there was another increase and the price climbed above $44,500. The price traded close the $45,000 resistance, where it faced sellers. It is now consolidating gains and there was a minor decline below the $44,500 level. The price is now trading above $44,000 and the 100 hourly simple moving average. It is also well above the 23.6% Fib retracement level of the upward move from the $37,030 swing low to $44,955 high. There is also a key contracting triangle forming with resistance near $44,450 on the hourly chart of the BTC/USD pair. Bitcoin is now facing resistance is near the $44,200 level. The first key resistance is near the $44,450 level and the triangle upper trend line. Source: BTCUSD on TradingView.com The main resistance is now near...