Bitcoin price found support above $22,500 and surged over 6% against the US Dollar. BTC broke many hurdles and might rise further towards the $25,000 resistance.<\/p>\n
Bitcoin started a fresh increase after it found strong bids above $22,500.
\nThe price is now trading above the $23,500 level and the 100 hourly simple moving average.
\nThere was a break above a key bearish trend line with resistance near $23,350 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair is forming a bullish breakout pattern and might rise towards $25,000.<\/p>\n
Bitcoin Price Breaks Resistance<\/p>\n
Bitcoin price remained well supported above the $22,500 zone. BTC formed a double bottom pattern near the $22,500 level and started a strong increase.<\/p>\n
There was a move above the $23,000 and $23,500 resistance levels. The price even surged above the $24,000 resistance. There was a break above a key bearish trend line with resistance near $23,350 on the hourly chart of the BTC\/USD pair.<\/p>\n
Bitcoin price even broke the $24,200 resistance and traded as high as $24,488. It is now consolidating gains above the $24,200 support zone. It is also well above the 23.6% Fib retracement level of the upward move from the $22,685 swing low to $24,488 high.<\/p>\n\n
Source: BTCUSD on TradingView.com<\/p>\n
On the upside, an immediate resistance is near the $24,450 level. The next key resistance is near the $24,500 zone. A close above the $24,500 resistance zone could start another increase. In the stated case, the price may perhaps rise towards the $25,000 resistance.<\/p>\n
Dips Limited in BTC?<\/p>\n
If bitcoin fails to clear the $24,500 resistance zone, it could correct lower. An immediate support on the downside is near the $24,200 level. The next major support now sits near the $24,000 level.<\/p>\n
If the bears push the price below the $24,000 support level, there might be a move towards the $23,550 level. It is near the 50% Fib retracement level of the upward move from the $22,685 swing low to $24,488 high. Any more losses might send the price towards $23,450 level or the 100 hourly simple moving average.<\/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 well above the 50 level.<\/p>\n
Major Support Levels \u2013 $24,200, followed by $23,500.<\/p>\n
Major Resistance Levels \u2013 $24,450, $24,500 and $25,000.<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Bitcoin price found support above $22,500 and surged over 6% against the US Dollar. BTC broke many hurdles and might rise further towards the $25,000 resistance.<\/p>\n
Bitcoin started a fresh increase after it found strong bids above $22,500.
\nThe price is now trading above the $23,500 level and the 100 hourly simple moving average.
\nThere was a break above a key bearish trend line with resistance near $23,350 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair is forming a bullish breakout pattern and might rise towards $25,000.<\/p>\n
Bitcoin Price Breaks Resistance<\/p>\n
Bitcoin price remained well supported above the $22,500 zone. BTC formed a double bottom pattern near the $22,500 level and started a strong increase.<\/p>\n
There was a move above the $23,000 and $23,500 resistance levels. The price even surged above the $24,000 resistance. There was a break above a key bearish trend line with resistance near $23,350 on the hourly chart of the BTC\/USD pair.<\/p>\n
Bitcoin price even broke the $24,200 resistance and traded as high as $24,488. It is now consolidating gains above the $24,200 support zone. It is also well above the 23.6% Fib retracement level of the upward move from the $22,685 swing low to $24,488 high.<\/p>\n
Source: BTCUSD on TradingView.com<\/p>\n
On the upside, an immediate resistance is near the $24,450 level. The next key resistance is near the $24,500 zone. A close above the $24,500 resistance zone could start another increase. In the stated case, the price may perhaps rise towards the $25,000 resistance.<\/p>\n
Dips Limited in BTC?<\/p>\n
If bitcoin fails to clear the $24,500 resistance zone, it could correct lower. An immediate support on the downside is near the $24,200 level. The next major support now sits near the $24,000 level.<\/p>\n
If the bears push the price below the $24,000 support level, there might be a move towards the $23,550 level. It is near the 50% Fib retracement level of the upward move from the $22,685 swing low to $24,488 high. Any more losses might send the price towards $23,450 level or the 100 hourly simple moving average.<\/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 well above the 50 level.<\/p>\n
Major Support Levels \u2013 $24,200, followed by $23,500.<\/p>\n
Major Resistance Levels \u2013 $24,450, $24,500 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-5363","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\/5363","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=5363"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/5363\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=5363"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=5363"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=5363"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}