Bitcoin Key Indicators Suggest Strengthening Case for Rally To $ 25K

The price of Bitcoin extended its rise and traded above $ 24,000 against the US Dollar. BTC is currently churning lower and could find strong support near $ 23,000 or $ 22,780.

  • Bitcoin rallied further and was trading to a new level always above the $ 24,000 level.
  • The price now corrects below $ 23,500, but is well above the 100 simple (4-hour) moving average.
  • A break above a key contracting triangle with resistance was close to $ 23,100 on the 4-hour chart of the BTC / USD pair (data feed from Kraken).
  • The pair is likely to find a strong buying interest near $ 23,000 or $ 22,780.

New ATH Bitcoin Price Sets

In the past few days, there has been a steady rise in the price of bitcoin above its $ 20,000 resistance against the US Dollar. The BTC / USD pair broke many hurdles near $ 22,000 and $ 23,000 to extend its rally.

During the recent rise, there has been a cut above a key contracting triangle with resistance near $ 23,100 on the 4-hour chart of the BTC / USD pair. The pair climbed above the $ 24,000 resistance and settled well above the 100 simple (4-hour) moving average.

A new peak was always formed near $ 24,260 and the price is currently curing lower. Break was below the $ 23,500 support level. The price even proved the 50% Fib level of the recent rise from the $ 22,320 swing low to $ 24,260 swing high.

Source: BTCUSD on TradingView.com

Bitcoin is approaching a couple of key support near the $ 23,000 level. The 61.8% Fib level from the recent rise from the low $ 22,320 swing to the high $ 24,260 swing may also act as support at $ 23,060.

Next big support is nearing the $ 22,780 level. Any larger losses could lead the price toward the $ 22,320 swing low or even $ 22,000.

More Upsides at BTC?

Once the current correction wave is complete in bitcoin, it could start a new $ 23,000 or $ 22,000 increase. Initial upside resistance is close to the $ 23,650 level.

The first major resistance is near the $ 24,000 level. A clear cut above the $ 24,000 resistance level could open the doors for a new all-time high above $ 24,260.

Technical indicators

4 hours MACD – The MACD for BTC / USD is slowly losing momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC / USD correlates lower towards the 60 level.

Major Assistance Level – $ 23,000

Major Resistance Level – $ 24,000

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