Bitcoin began a downward correction after the resistance of $24,000 against the US Dollar. BTC finds bids at $22,500. This could trigger a new uptrend.
- Bitcoin traded lower than $23,000 after a downward correction.
- The price has risen to $22,000, and it is currently testing the 100 hourly moving average.
- On the hourly chart for the BTC/USD pair, there was a break above a crucial bearish trend line. Resistance is near $22,750. (Data feed from Kraken).
- If the pair remains above $22,500, and the 100-hourly SMA, it could continue rising.
Bitcoin Price Remains Supported
Bitcoin prices rose quickly and surpassed the $24,000 threshold. The bears appeared to be at $24,250. Near $24,264 was the high and this caused a correction.
A move was seen below the $24,000- and $23,500-levels. Price fell below 38.2% Fib level of upward movement, which was between the $20769 swing low and $24,264 high. There was also a rise below the $23,000 mark.
Bitcoin reached support at the $22,500 level and near the simple 100-hour moving average. Bitcoin began a steady upward movement and reached $23,000.
On the hourly chart for the BTC/USD pair, there was a break above the bearish trend line. Resistance is near $22,750. Bitcoin price may face resistance at the $23,440 mark. Near the $23,880 level is the next major resistance.
Source: BTCUSD from TradingView.com
If the resistance zone is crossed, a close to $23,880 could signal more gains. If the previous scenario is true, then the price might rise towards $24,250. Next comes resistance at the $25,000 point.
BTC Downside Break
Bitcoin could begin a downtrend correction if it fails to break the $23,880 resistance level. The immediate support for the downside lies near the $22,750 and 100 hourly SMA levels.
Now, the next significant support is located near $22,500. If the market breaks below $22,500, the price could rise to $21,450 or even $21,000 in the short term.
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.
