Bitcoin started a fresh increase above the $23,000 resistance zone against the US Dollar. BTC might continue to rise towards the $25,000 resistance zone.<\/p>\n
Bitcoin started a fresh increase and climbed above the $23,000 resistance.
\nThe price is now trading above the $23,000 level and the 100 hourly simple moving average.
\nThere is a short-term contracting triangle forming with resistance near $24,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair must clear the $24,000 resistance to continue higher in the near term.<\/p>\n
Bitcoin Price Rises Steadily<\/p>\n
Bitcoin price remained well bid above the $22,000 support zone. It formed a base above the $22,500 level and started a fresh increase. The price was able to gain pace for a move above the $23,000 resistance zone.<\/p>\n
The bulls pumped the price above the $23,500 resistance. It even spiked above the $24,000 level and traded as high as $24,198. It is now trading above the $23,000 level and the 100 hourly simple moving average. There is also a short-term contracting triangle forming with resistance near $24,000 on the hourly chart of the BTC\/USD pair.<\/p>\n
It is also trading well above the 23.6% Fib retracement level of the upward move from the $20,696 swing low to $24,198 high. Bitcoin price is facing resistance near the $24,000 level.<\/p>\n\n
Source: BTCUSD on TradingView.com<\/p>\n
The next key resistance is near the $24,200 zone. A close above the $24,200 resistance zone could set the pace for more gains. In the stated case, the price may perhaps rise towards the $24,500 level. The next major resistance sits near the $25,000 level.<\/p>\n
Dips Limited in BTC?<\/p>\n
If bitcoin fails to clear the $24,000 resistance zone, it could start a downside correction. An immediate support on the downside is near the $23,740 level.<\/p>\n
The next major support now sits near the $23,370 and $23,350 levels. Any more losses might send the price towards the 50% Fib retracement level of the upward move from the $20,696 swing low to $24,198 high at $22,450. A close below the $22,450 support zone might restart downtrend.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now correcting towards 60.<\/p>\n
Major Support Levels \u2013 $23,740, followed by $23,350.<\/p>\n
Major Resistance Levels \u2013 $24,000, $24,200 and $25,000.<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Bitcoin started a fresh increase above the $23,000 resistance zone against the US Dollar. BTC might continue to rise towards the $25,000 resistance zone.<\/p>\n
Bitcoin started a fresh increase and climbed above the $23,000 resistance.
\nThe price is now trading above the $23,000 level and the 100 hourly simple moving average.
\nThere is a short-term contracting triangle forming with resistance near $24,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair must clear the $24,000 resistance to continue higher in the near term.<\/p>\n
Bitcoin Price Rises Steadily<\/p>\n
Bitcoin price remained well bid above the $22,000 support zone. It formed a base above the $22,500 level and started a fresh increase. The price was able to gain pace for a move above the $23,000 resistance zone.<\/p>\n
The bulls pumped the price above the $23,500 resistance. It even spiked above the $24,000 level and traded as high as $24,198. It is now trading above the $23,000 level and the 100 hourly simple moving average. There is also a short-term contracting triangle forming with resistance near $24,000 on the hourly chart of the BTC\/USD pair.<\/p>\n
It is also trading well above the 23.6% Fib retracement level of the upward move from the $20,696 swing low to $24,198 high. Bitcoin price is facing resistance near the $24,000 level.<\/p>\n
Source: BTCUSD on TradingView.com<\/p>\n
The next key resistance is near the $24,200 zone. A close above the $24,200 resistance zone could set the pace for more gains. In the stated case, the price may perhaps rise towards the $24,500 level. The next major resistance sits near the $25,000 level.<\/p>\n
Dips Limited in BTC?<\/p>\n
If bitcoin fails to clear the $24,000 resistance zone, it could start a downside correction. An immediate support on the downside is near the $23,740 level.<\/p>\n
The next major support now sits near the $23,370 and $23,350 levels. Any more losses might send the price towards the 50% Fib retracement level of the upward move from the $20,696 swing low to $24,198 high at $22,450. A close below the $22,450 support zone might restart downtrend.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now correcting towards 60.<\/p>\n
Major Support Levels \u2013 $23,740, followed by $23,350.<\/p>\n
Major Resistance Levels \u2013 $24,000, $24,200 and $25,000.<\/p>\n
<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-4380","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/4380","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=4380"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/4380\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=4380"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=4380"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=4380"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}