Bitcoin Price Analysis: BTC Eyes Fresh Increase Above $24K

  • Bitcoin price started a fresh decline below the $24,000 zone against the US Dollar.
  • The price is now trading below $24,000 and the 55 simple moving average (4-hours).
  • There was a break above a major bearish trend line with resistance near $23,500 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair could start a fresh increase if it clears the $24,000 resistance zone.

Bitcoin price is recovering from $23,000 against the US Dollar. BTC might eye another increase if the bulls remain active above the $23,000 zone.

Bitcoin Price Analysis

Bitcoin price started a fresh decline below the $24,000 support zone. There was a clear move below the $23,800 and $23,500 support levels. The pair traded as low as $22,520 and recently started an upside correction.

There was a above the $23,250 resistance zone. Besides, there was a break above a major bearish trend line with resistance near $23,500 on the 4-hours chart of the BTC/USD pair. The pair is now trading below $24,000 and the 55 simple moving average (4-hours).

An immediate resistance on the upside is near the $23,900 level and the 55 simple moving average (4-hours). The next major resistance might near the $24,000 zone. It is near the 50% Fib retracement level of the downward move from the $25,288 swing high to $22,520 low.

The main resistance sits at $24,200 or the 61.8% Fib retracement level of the downward move from the $25,288 swing high to $22,520 low.

A clear move above the $24,200 level might send the price towards $25,000, above which the price might rise towards the $26,000 level. Any more gains might push the price towards the $27,500 zone.

If there is no upside break, the price might continue to decline below the $23,500 level. The first major support is near $23,200. The next key support is near the $22,550 level, below which the price might accelerate lower. In the stated case, the price could decline towards the $21,500 level.

Bitcoin Price

Looking at the chart, bitcoin price is clearly trading below $24,000 and the 55 simple moving average (4-hours). Overall, the price could start a fresh increase if it clears the $24,000 resistance zone.

Technical Indicators

4 hours MACD – The MACD is now gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.

Key Support Levels – $23,400 and $22,850.

Key Resistance Levels – $24,000, $24,200 and $25,200.

Tags: bitcoin, BTC

Source: https://www.livebitcoinnews.com/bitcoin-price-analysis-btc-eyes-fresh-increase-above-24k/