Bitcoin started a fresh rise above the $23,000 resistance zone against the US Dollar. BTC may continue to rise towards the $25,000 resistance zone.
- Bitcoin started a fresh rise and broke above the $23,000 resistance.
- The price is now trading above the $23,000 level and the 100 hourly simple moving average.
- A short-term contraction triangle is forming with resistance near $24,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair needs to clear the $24,000 resistance to continue rising in the near term.
The price of Bitcoin is steadily increasing
Bitcoin price remained well above the $22,000 support zone. It formed a base above the $22,500 level and started a further increase. The price was able to accelerate for a move above the $23,000 resistance zone.
The bulls drove the price above the $23,500 resistance. It even broke above the $24,000 level and traded as high as $24,198. It is now trading above the $23,000 level and the 100 hour simple moving average. A short-term contraction triangle is also forming with resistance near $24,000 on the hourly chart of the BTC/USD pair.
It is also trading well above the 23.6% Fib retracement level of the upward move from the low from the $20,696 low to $24,198 low. Bitcoin price is facing resistance near the $24,000 level.
Source: BTCUSD on TradingView.com
The next key resistance is near the $24,200 area. A close above the $24,200 resistance zone could set the stage for more gains. In the indicated case, the price could possibly rise towards the $24,500 level. The next major resistance is seen near the $25,000 level.
Dips Limited in BTC?
If bitcoin fails to clear the $24,000 resistance zone, it could trigger a downward correction. An immediate support on the downside is near the $23,740 level.
The next major support now lies near the $23,370 and $23,350 levels. Any further loss could send the price towards the 50% Fib retracement level of the upward move from the $20,696 low to $24,198 high to $22,450 high. A close below the $22,450 support zone could restart the downtrend.
Hourly MACD – The MACD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now correcting towards 60.
Main support levels – $23,740, followed by $23,350.
Main resistance levels – $24,000, $24,200 and $25,000.