Bitcoin has gained bullish momentum over $24,500 to the US dollar. If Bitcoin clears $25,000 resistance, it could experience bullish momentum.
- Bitcoin experienced a renewed increase over the $24,200 resistance level.
- The price traded above $24,000 and the simple 100-hour moving average.
- On the hourly chart for the BTC/USD pair, there is support close to $24,400. This trend line forms a bullish signal (data feed Kraken).
- Bullish momentum could be gained if the price moves higher than $25,000 resistance.
Momentum gains Bitcoin’s price
The Bitcoin price tried to increase again above the $24,500 resistance level. BTC was able to move higher than $24,800, and closes above the 100 hourly simple moving mean.
Even higher than $25,000, the price spiked. Before there was a correction, a high of $25,045 was reached. A move below the $24,500 level of support was observed. Below the 50% Fib level, the price fell below the upside move between the $23,600 swing low and the $25,045 high.
However, bulls were very active close to $24,200 as a support level. As a support, the 61.8% Fib Retracement level for the upward movement from $23,600 swing lows to $25,000.45 highs acted as an indicator.
On the hourly charts of BTC/USD, there is a bullish trend line that forms with support at $24,400. Bitcoin prices are trading well above the $24,000 mark and the 100 hourly moving average.
Source: BTCUSD from TradingView.com
Surprisingly, a resistance level is located near $24,800. Next is the $25,000 area. An increase in the price could occur if it is close to or above $25,000. If the previous scenario is true, then the price might test the $25,000 resistance. Gains of any kind could send the price higher towards $26,200.
BTC Dips
Bitcoin could begin a downtrend if it fails to break the $25,000 resistance level. The $24,600 level is an immediate support for the downside.
Next major support is now located near the $24,500 trend line and 100 hourly SMA. The bears could push the price lower than the $24,500 level to prevent a possible move towards $24,200. Losses of any kind could push the price to $23,500.
Indicators technical
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $24,500, followed by $24,200.
Major Resistance Levels – $25,000, $25,800 and $26,200.