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- Bitcoin price started a new advance above the $24,000 zone against the US Dollar.
- The price is now trading above the $23,000 and the 55 (4-hour) simple moving average.
- There was a break above a key bearish trend line with resistance near $21,950 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
- The pair could continue to advance if there is a clear move above the $25,250 level.
Bitcoin price is showing positive signs above $24,000 against the US Dollar. BTC may gain bullish momentum if there is a clear move above the $25,250 zone.
Bitcoin Price Analysis
Bitcoin price started increasing steadily from the $20,000 support zone. The price went up and passed through many barriers near the $22,500 and $23,500 levels.
There was a clear move above the $24,000 level and the 55 (4-hour) simple moving average. Moreover, there was a break above an important bearish trend line with resistance near $21,950 on the 4-hour chart of the BTC/USD pair. Bulls are gaining steam to move above the $25,000 zone.
The price even soared above the $26,000 resistance zone and formed a high near $26,533. Recently, there was a downside correction below the $25,500 level.
Price dipped below the 23.6% Fib retracement level of its advance from the swing low of $19,568 to high of $26,533. The price is now trading above the $23,000 and the 55 (4-hour) simple moving average. Immediate resistance to the upside is near the $25,250 level.
The first major resistance is near the $26,000 level. The next major resistance above is near the $26,500 level, above which the price could advance towards the $27,800 zone.
Further gains could send the price towards the $28,000 zone. If there is no upside break, the price might initiate a downside correction below $24,400. The next major support point is near the $23,000 level. That’s close to the 50% Fib retracement level of the move up from the $19,568 swing low to $26,533 high. More losses may require a move towards the $22,000 support zone.
Bitcoin Price
Looking at the chart, bitcoin price is clearly trading above $23,500 and the 55 (4-hour) simple moving average. Overall, the price could continue to advance if there is a clear move above the $25,250 level in the near term.
Technical Indicators
4-hour MACD – MACD is now losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – RSI is now above the 50 level.
Key Support Levels – $24,400 and $23,000.
Major Resistance Levels – $25,250, $26,500 and $28,000.
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