Bitcoin is gaining bullish momentum above $24,500 against the US Dollar. BTC could gain bullish momentum if it clears the $25,000 resistance zone.<\/p>\n
Bitcoin started a fresh increase above the $24,200 resistance zone.
\nThe price is now trading above the $24,000 level and the 100 hourly simple moving average.
\nThere is a key bullish trend line forming with support near $24,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could gain bullish momentum if there is a clear move above the $25,000 resistance.<\/p>\n
Bitcoin Price Gains Momentum<\/p>\n
Bitcoin price attempted a fresh increase above the $24,500 resistance zone. BTC gained pace for a move above the $24,800 level, with a close above the 100 hourly simple moving average.<\/p>\n
The price even spiked above the $25,000 level. A high was formed near $25,045 before there was a downside correction. There was a move below the $24,500 support level. The price declined below the 50% Fib retracement level of the upward move from the $23,600 swing low to $25,045 high.<\/p>\n
However, the bulls were active near a key support at $24,200. The 61.8% Fib retracement level of the upward move from the $23,600 swing low to $25,045 high acted as a support.<\/p>\n
There is also a key bullish trend line forming with support near $24,400 on the hourly chart of the BTC\/USD pair. Bitcoin price is now trading above the $24,000 level and the 100 hourly simple moving average.<\/p>\n\n
Source: BTCUSD on TradingView.com<\/p>\n
On the upside, an immediate resistance is near the $24,800 level. The next key resistance is near the $25,000 zone. A close above the $25,000 resistance zone could start another increase. In the stated case, the price may perhaps test the $25,800 resistance. Any more gains might send the price towards the $26,200 level.<\/p>\n
Dips Supported in BTC?<\/p>\n
If bitcoin fails to clear the $25,000 resistance zone, it could start a downside correction. An immediate support on the downside is near the $24,600 level.<\/p>\n
The next major support now sits near the $24,500 level, the trend line, and the 100 hourly SMA. If the bears push the price below the $24,500 support level, there might be a move towards the $24,200 level. Any more losses might send the price towards $23,500 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 $24,500, followed by $24,200.<\/p>\n
Major Resistance Levels \u2013 $25,000, $25,800 and $26,200.<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Bitcoin is gaining bullish momentum above $24,500 against the US Dollar. BTC could gain bullish momentum if it clears the $25,000 resistance zone.<\/p>\n
Bitcoin started a fresh increase above the $24,200 resistance zone.
\nThe price is now trading above the $24,000 level and the 100 hourly simple moving average.
\nThere is a key bullish trend line forming with support near $24,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could gain bullish momentum if there is a clear move above the $25,000 resistance.<\/p>\n
Bitcoin Price Gains Momentum<\/p>\n
Bitcoin price attempted a fresh increase above the $24,500 resistance zone. BTC gained pace for a move above the $24,800 level, with a close above the 100 hourly simple moving average.<\/p>\n
The price even spiked above the $25,000 level. A high was formed near $25,045 before there was a downside correction. There was a move below the $24,500 support level. The price declined below the 50% Fib retracement level of the upward move from the $23,600 swing low to $25,045 high.<\/p>\n
However, the bulls were active near a key support at $24,200. The 61.8% Fib retracement level of the upward move from the $23,600 swing low to $25,045 high acted as a support.<\/p>\n
There is also a key bullish trend line forming with support near $24,400 on the hourly chart of the BTC\/USD pair. Bitcoin price is now trading above the $24,000 level and the 100 hourly simple moving average.<\/p>\n
Source: BTCUSD on TradingView.com<\/p>\n
On the upside, an immediate resistance is near the $24,800 level. The next key resistance is near the $25,000 zone. A close above the $25,000 resistance zone could start another increase. In the stated case, the price may perhaps test the $25,800 resistance. Any more gains might send the price towards the $26,200 level.<\/p>\n
Dips Supported in BTC?<\/p>\n
If bitcoin fails to clear the $25,000 resistance zone, it could start a downside correction. An immediate support on the downside is near the $24,600 level.<\/p>\n
The next major support now sits near the $24,500 level, the trend line, and the 100 hourly SMA. If the bears push the price below the $24,500 support level, there might be a move towards the $24,200 level. Any more losses might send the price towards $23,500 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 $24,500, followed by $24,200.<\/p>\n
Major Resistance Levels \u2013 $25,000, $25,800 and $26,200.<\/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-5574","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\/5574","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=5574"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/5574\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=5574"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=5574"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=5574"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}