Home CryptocurrencyAnalysis Bitcoin Bulls Are Still Pushing Why BTC’s Price Rally Is Not Over Yet

Bitcoin Bulls Are Still Pushing Why BTC’s Price Rally Is Not Over Yet

by SuperiorInvest

Bitcoin price has gained momentum and is trading above $23,000. BTC is consolidating gains and may begin further growth towards $23,500.

  • Bitcoin traded to a fresh one-year high of $23,428 before starting a downward correction.
  • The price is trading above $22,000 and the 100 hourly simple moving average.
  • A major bullish trendline is forming with support near $22,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start to rise again if it stays above the $22,000 support zone.

Bitcoin price tracks further gains

The price of Bitcoin started to rise significantly above the $21,500 resistance zone. BTC picked up momentum and even broke the $22,000 resistance zone, similar to ethereum for $1,550.

The price soared above the $22,500 level and settled well above the 100 hourly simple moving average. It traded to a new annual high of $23,428 and recently started a minor downward correction. There was a minor move below the $23,000 level.

Bitcoin price fell below the 23.6% Fib retracement level on the move up from $20,395 to a high of $24,248. However, the price is still trading above $22,000 and 100 hour simple moving average.

A major bullish trendline is also forming on the hourly chart of the BTC/USD pair with support near $22,000. Immediate resistance is near the $23,000 level. Another major resistance is near the $23,200 zone, above which the price could gain bullish momentum.

Source: BTCUSD on TradingView.com

In the said case, the price can probably rise to the level of $23,500. Any further gains could send the BTC price towards the $24,500 level.

Fixing downsides in BTC?

If the Bitcoin price fails to break the $23,000 resistance, it may continue to decline. Immediate downside support is near the $22,400 zone.

Another major support is near the $22,000 zone and the trend line. It is near the 50% Fib retracement level of the move up from the $20,395 swing low to $24,248, below which the price could gain bearish momentum and test $21,200. Any further losses could send the price to $20,500 in the near term.

Technical indicators:

Hourly MACD – MACD is now losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – RSI for BTC/USD is now above the 50 level.

Major support levels – $22,400, followed by $22,000.

Major resistance levels – $23,000, $23,200 and $23,500.

Source Link

Related Posts

%d bloggers like this: