Bitcoin price is showing positive signs above $24,000 against the US Dollar. BTC might gain bullish momentum if there is a clear move above the $25,250 zone.
Bitcoin Price Analysis
Bitcoin price started a steady increase from the $20,000 support zone. The price gained and cleared many hurdles near the $22,500 and $23,500 levels.
There was a clear move above the $24,000 level and the 55 simple moving average (4-hours). Besides, there was a break above a crucial bearish trend line with resistance near $21,950 on the 4-hours chart of the BTC/USD pair. The bulls gained pace for a move above the $25,000 zone.
The price even spiked above the $26,000 resistance zone and formed a high near $26,533. Recently, there was a downside correction below the $25,500 level.
The price declined below the 23.6% Fib retracement level of the upward move from the $19,568 swing low to $26,533 high. The price is now trading above $23,000 and the 55 simple moving average (4-hours). An immediate resistance on the upside is near the $25,250 level.
The first major resistance is near the $26,000 level. The next major resistance on the upside is near the $26,500 level, above which the price could rise towards the $27,800 zone.
Any more gains might send the price towards the $28,000 zone. If there is no upside break, the price might start a downside correction below $24,400. The next key support is near the $23,000 level. It is close to the 50% Fib retracement level of the upward move from the $19,568 swing low to $26,533 high. Any more losses might call for a move towards the $22,000 support zone.
Looking at the chart, bitcoin price is clearly trading above $23,500 and the 55 simple moving average (4-hours). Overall, the price could continue to rise if there is a clear move above $25,250 level in the near term.
4 hours MACD – The MACD is now losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Key Support Levels – $24,400 and $23,000.
Key Resistance Levels – $25,250, $26,500 and $28,000.
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