Why Bitcoin is primed to rally above $ 24K, $ 23K holds the key

The Bitcoin price holds earnings above $ 23,000 and $ 23,200 against the US Dollar. BTC is showing positive signs and seems to be preparing for more than $ 24K

  • Bitcoin is trading nicely above the $ 23,000 and $ 23,200 support levels.
  • The price is currently trading near $ 23,800 and is well above the 100-hour simple moving average.
  • A key bullish trend line is forming with support near $ 23,080 on the hourly chart of the BTC / USD pair (data feed from Kraken).
  • The pair is likely to remain well above $ 24,000 and $ 24,200 in the coming sessions.

Bitcoin Price is Eyeing More Upsides

During the last 2-3 sessions, range moves mostly in the price of bitcoin exceeded the $ 23,000 support. BTC seems to be forming a strong support base near $ 23,000, $ 23,200, and the 100-hour simple moving average.

The recent low near $ 23,078 was formed before the price climbed above $ 23,500. A cut above the 50% Fib level was the latest decline from the high $ 24,301 to the low of $ 23,078. There is also a key bullish trend line forming with support near $ 23,080 on the hourly chart of the BTC / USD pair.

Source: BTCUSD on TradingView.com

However, the price seems to be facing resistance near the $ 23,800 level. Fib’s 61.8% score level of the latest decline from the high $ 24,301 to low $ 23,078 also acts as a resistance to the bulls. A clear cut above the $ 23,800 zone could open the doors for more earnings above $ 24,000 and $ 24,080.

The next key resistance for bitcoin is near the $ 24,300 level, and the price is likely to continue higher toward the $ 24,500 and $ 24,600 levels in the upcoming sessions.

Disadvantages Supported in BTC?

If bitcoin initiates another short-term downside correction, it could find support near the $ 23,500 level. The first key support is close to the $ 23,200 level.

Main support forms near the $ 23,000 level and the 100-hour simple moving average. Daily closing below the $ 23,000 support and the 100-hour simple moving average may call for extended handicap correction. The next big support could be near the $ 22,350 level.

Technical indicators:

MACD per hour – The MACD is slowly gaining momentum in the bullish zone.

RSI per hour (Relative Strength Index) – The RSI for BTC / USD is currently well above the 50 level.

Major Assistance Levels – $ 23,200, followed by $ 23,000.

Major Resistance Levels – $ 23,800, $ 24,000 and $ 24,300.

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