Bitcoin price gained pace above the $23,500 resistance against the US Dollar. BTC could start a fresh increase if it stays above the $23,500 pivot level.<\/p>\n
Bitcoin started a decent increase above the $23,500 level.
\nThe price is now trading above the $23,500 level and the 100 hourly simple moving average.
\nThere is a key bullish trend line forming with support near $23,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair must clear the $24,000 resistance to start a fresh increase in the near term.<\/p>\n
Bitcoin Price Remains Supported<\/p>\n
Bitcoin price was stable above the $23,000 and $23,200 levels. The price formed a base above the $23,200 level and started a fresh increase.<\/p>\n
There was a clear move above the $23,500 resistance zone. The bulls were able to push the price above the $24,000 resistance zone and there was a close above the 100 hourly simple moving average. There was a spike above the $24,200 level.<\/p>\n
A high was formed near $24,285 and the price is now correcting lower. There was a break below the $24,000 level. Bitcoin price dipped below the 23.6% Fib retracement level of the upward move from the $22,845 swing low to $24,285 high.<\/p>\n
However, the price remained stable above the $23,600 level. There is also a key bullish trend line forming with support near $23,500 on the hourly chart of the BTC\/USD pair.<\/p>\n\n
Source: BTCUSD on TradingView.com<\/p>\n
On the upside, an immediate resistance is near the $24,000 level. The next key resistance is near the $24,200 zone. A close above the $24,200 resistance zone could start a steady increase. In the stated case, the price may perhaps rise clear the $25,000 resistance.<\/p>\n
Downside Break 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 $23,600 level.<\/p>\n
The next major support now sits near the $23,500 level. It is near the 50% Fib retracement level of the upward move from the $22,845 swing low to $24,285 high. A close below the $23,500 level might start a move towards $23,000. Any more losses might send the price towards $22,500 level.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n
Major Support Levels \u2013 $23,600, followed by $23,500.<\/p>\n
Major Resistance Levels \u2013 $24,000, $24,200 and $24,500.<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Bitcoin price gained pace above the $23,500 resistance against the US Dollar. BTC could start a fresh increase if it stays above the $23,500 pivot level.<\/p>\n
Bitcoin started a decent increase above the $23,500 level.
\nThe price is now trading above the $23,500 level and the 100 hourly simple moving average.
\nThere is a key bullish trend line forming with support near $23,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair must clear the $24,000 resistance to start a fresh increase in the near term.<\/p>\n
Bitcoin Price Remains Supported<\/p>\n
Bitcoin price was stable above the $23,000 and $23,200 levels. The price formed a base above the $23,200 level and started a fresh increase.<\/p>\n
There was a clear move above the $23,500 resistance zone. The bulls were able to push the price above the $24,000 resistance zone and there was a close above the 100 hourly simple moving average. There was a spike above the $24,200 level.<\/p>\n
A high was formed near $24,285 and the price is now correcting lower. There was a break below the $24,000 level. Bitcoin price dipped below the 23.6% Fib retracement level of the upward move from the $22,845 swing low to $24,285 high.<\/p>\n
However, the price remained stable above the $23,600 level. There is also a key bullish trend line forming with support near $23,500 on the hourly chart of the BTC\/USD pair.<\/p>\n
Source: BTCUSD on TradingView.com<\/p>\n
On the upside, an immediate resistance is near the $24,000 level. The next key resistance is near the $24,200 zone. A close above the $24,200 resistance zone could start a steady increase. In the stated case, the price may perhaps rise clear the $25,000 resistance.<\/p>\n
Downside Break 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 $23,600 level.<\/p>\n
The next major support now sits near the $23,500 level. It is near the 50% Fib retracement level of the upward move from the $22,845 swing low to $24,285 high. A close below the $23,500 level might start a move towards $23,000. Any more losses might send the price towards $22,500 level.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n
Major Support Levels \u2013 $23,600, followed by $23,500.<\/p>\n
Major Resistance Levels \u2013 $24,000, $24,200 and $24,500.<\/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-5213","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\/5213","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=5213"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/5213\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=5213"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=5213"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=5213"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}