Categories: Bitcoin Latest News

TA: Bitcoin Price Could Rally Again If It Stays Above This Key Support

Bitcoin started a downside correction from the $24,000 resistance against the US Dollar. BTC is finding bids near $22,500 and might start a fresh increase.

Bitcoin started a downside correction and traded below the $23,000 level.
The price is now trading above the $22,000 level and testing the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance near $22,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might continue to rise if it stays above $22,500 and the 100 hourly SMA.

Bitcoin Price Remains Supported

Bitcoin price gained pace and spiked above the $24,000 resistance zone. However, the bears appeared near $24,250. A high was formed near $24,264 and the price started a downside correction.

There was a move below the $24,000 and $23,500 levels. The price declined below the 38.2% Fib retracement level of the upward move from the $20,769 swing low to $24,264 high. Besides, there was a spike below the $23,000 level.

Bitcoin found support near the $22,500 zone and the 100 hourly simple moving average. It started a decent upward move and climbed above $23,000.

There was a break above a key bearish trend line with resistance near $22,750 on the hourly chart of the BTC/USD pair. On the upside, bitcoin price could face resistance near the $23,440 level. The next key resistance is near the $23,880 zone.

Source: BTCUSD on TradingView.com

A close above the $23,880 resistance zone could set the pace for more gains. In the stated case, the price may perhaps rise towards the $24,250 level. The next major resistance sits near the $25,000 level.

Downside Break in BTC?

If bitcoin fails to clear the $23,880 resistance zone, it could start a downside correction. An immediate support on the downside is near the $22,750 level and the 100 hourly SMA.

The next major support now sits near the $22,500 level. A clear break and close below the $22,500 support zone might send the price towards $21,450 in the near term or even $21,000.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still above the 50 level.

Major Support Levels – $22,750, followed by $22,500.

Major Resistance Levels – $23,440, $23,880 and $24,250.

Bitcoin started a downside correction from the $24,000 resistance against the US Dollar. BTC is finding bids near $22,500 and might start a fresh increase.

Bitcoin started a downside correction and traded below the $23,000 level.
The price is now trading above the $22,000 level and testing the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance near $22,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might continue to rise if it stays above $22,500 and the 100 hourly SMA.

Bitcoin Price Remains Supported

Bitcoin price gained pace and spiked above the $24,000 resistance zone. However, the bears appeared near $24,250. A high was formed near $24,264 and the price started a downside correction.

There was a move below the $24,000 and $23,500 levels. The price declined below the 38.2% Fib retracement level of the upward move from the $20,769 swing low to $24,264 high. Besides, there was a spike below the $23,000 level.

Bitcoin found support near the $22,500 zone and the 100 hourly simple moving average. It started a decent upward move and climbed above $23,000.

There was a break above a key bearish trend line with resistance near $22,750 on the hourly chart of the BTC/USD pair. On the upside, bitcoin price could face resistance near the $23,440 level. The next key resistance is near the $23,880 zone.

Source: BTCUSD on TradingView.com

A close above the $23,880 resistance zone could set the pace for more gains. In the stated case, the price may perhaps rise towards the $24,250 level. The next major resistance sits near the $25,000 level.

Downside Break in BTC?

If bitcoin fails to clear the $23,880 resistance zone, it could start a downside correction. An immediate support on the downside is near the $22,750 level and the 100 hourly SMA.

The next major support now sits near the $22,500 level. A clear break and close below the $22,500 support zone might send the price towards $21,450 in the near term or even $21,000.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still above the 50 level.

Major Support Levels – $22,750, followed by $22,500.

Major Resistance Levels – $23,440, $23,880 and $24,250.

Tags: bitcoinbtcusdBTCUSDTxbtusd

FeedzyRead More

Recent Posts

Did Hawk Tuah Crypto Debacle Eclipse Bitcoin’s $100K Moment?

One bitcoin is worth $100,000 — a milestone that has <a href="https://www.coindesk.com/business/2024/12/05/bitcoin-at-100-k-industry-reaction" target="_blank">crypto OGs in…

22 minutes ago

Crypto Daybook Americas: It’s Glass Half Full Despite Record Short Bitcoin ETF Volume

By Omkar Godbole (All times ET unless indicated otherwise) You know how it feels when…

3 hours ago

Has Bitcoin Reached Its Cycle Top? Insights From Leading Analysts

Bitcoin experienced extreme volatility yesterday after reaching a new all-time high of $104,088 on Wednesday.…

3 hours ago

Ethereum To Pull A BTC 2021-Like Rally? Analyst Shares Massive Prediction

As Bitcoin finally soars above the long-awaited $100,000 milestone, Ethereum (ETH) attempts to break out…

6 hours ago

U.S. Ether ETFs Post Record Inflows, Bitcoin ETFs Add Most in Two Weeks

Net inflows into U.S. spot ether (<a href="https://www.coindesk.com/price/ethereum/ " target="_blank">ETH</a>) exchange-traded funds (ETFs) have picked…

7 hours ago

Bitcoin Sets New ATH Above $104,000, Yet Investors Don’t Want To Sell

Bitcoin has set a new all-time high (ATH) beyond the $104,000 mark during the past…

7 hours ago