Bitcoin traded close to $25,000 before it corrected lower against the US Dollar. BTC must stay above the $23,500 support to start another increase.<\/p>\n
Bitcoin started a fresh increase above the $24,000 resistance zone.
\nThe price is now trading above the $23,600 level and the 100 hourly simple moving average.
\nThere was a break below a major bullish trend line with support near $24,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair is now approaching a major support zone near $23,600 and $23,500.<\/p>\n
Bitcoin Price Corrects Lower<\/p>\n
Bitcoin price gained pace after there was a clear move above the $24,000 resistance zone. BTC broke the $24,200 level to move further into a positive zone.<\/p>\n
The price even climbed above the $24,500 level and traded close to the $25,000 level. A high was formed near $24,900 and the price started a downside correction. There was a move below the $24,500 support level.<\/p>\n
Besides, there was a break below a major bullish trend line with support near $24,000 on the hourly chart of the BTC\/USD pair. Bitcoin price even traded below the 23.6% Fib retracement level of the upward move from the $22,686 swing low to $24,901 high.<\/p>\n
However, the price is now trading above the $23,600 level and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $24,200 level.<\/p>\n\n
Source: BTCUSD on TradingView.com<\/p>\n
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 test the $25,000 resistance.<\/p>\n
Dips Limited in BTC?<\/p>\n
If bitcoin fails to clear the $24,200 resistance zone, it could continue to move down. An immediate support on the downside is near the $23,800 level and the 100 hourly SMA.<\/p>\n
It is near the 50% Fib retracement level of the upward move from the $22,686 swing low to $24,901 high. The next major support now sits near the $23,500 level. If the bears push the price below the $23,500 support level, there might be a move towards the $23,000 level. Any more losses might send the price towards $22,500 level.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now losing pace in the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n
Major Support Levels \u2013 $23,800, followed by $23,500.<\/p>\n
Major Resistance Levels \u2013 $24,200, $24,500 and $25,000.<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Bitcoin traded close to $25,000 before it corrected lower against the US Dollar. BTC must stay above the $23,500 support to start another increase.<\/p>\n
Bitcoin started a fresh increase above the $24,000 resistance zone.
\nThe price is now trading above the $23,600 level and the 100 hourly simple moving average.
\nThere was a break below a major bullish trend line with support near $24,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair is now approaching a major support zone near $23,600 and $23,500.<\/p>\n
Bitcoin Price Corrects Lower<\/p>\n
Bitcoin price gained pace after there was a clear move above the $24,000 resistance zone. BTC broke the $24,200 level to move further into a positive zone.<\/p>\n
The price even climbed above the $24,500 level and traded close to the $25,000 level. A high was formed near $24,900 and the price started a downside correction. There was a move below the $24,500 support level.<\/p>\n
Besides, there was a break below a major bullish trend line with support near $24,000 on the hourly chart of the BTC\/USD pair. Bitcoin price even traded below the 23.6% Fib retracement level of the upward move from the $22,686 swing low to $24,901 high.<\/p>\n
However, the price is now trading above the $23,600 level and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $24,200 level.<\/p>\n
Source: BTCUSD on TradingView.com<\/p>\n
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 test the $25,000 resistance.<\/p>\n
Dips Limited in BTC?<\/p>\n
If bitcoin fails to clear the $24,200 resistance zone, it could continue to move down. An immediate support on the downside is near the $23,800 level and the 100 hourly SMA.<\/p>\n
It is near the 50% Fib retracement level of the upward move from the $22,686 swing low to $24,901 high. The next major support now sits near the $23,500 level. If the bears push the price below the $23,500 support level, there might be a move towards the $23,000 level. Any more losses might send the price towards $22,500 level.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now losing pace in the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n
Major Support Levels \u2013 $23,800, followed by $23,500.<\/p>\n
Major Resistance Levels \u2013 $24,200, $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-5441","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\/5441","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=5441"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/5441\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=5441"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=5441"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=5441"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}