Bitcoin is gaining bullish momentum above $24,500 in opposition to the US Dollar. BTC may acquire bullish momentum if it clears the $25,000 resistance zone.
- Bitcoin began a recent enhance above the $24,200 resistance zone.
- The value is now buying and selling above the $24,000 stage and the 100 hourly easy transferring common.
- There is a key bullish pattern line forming with help close to $24,400 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair may acquire bullish momentum if there’s a clear transfer above the $25,000 resistance.
Bitcoin Price Gains Momentum
Bitcoin value tried a recent enhance above the $24,500 resistance zone. BTC gained tempo for a transfer above the $24,800 stage, with an in depth above the 100 hourly easy transferring common.
The value even spiked above the $25,000 stage. A excessive was fashioned close to $25,045 earlier than there was a draw back correction. There was a transfer beneath the $24,500 help stage. The value declined beneath the 50% Fib retracement stage of the upward transfer from the $23,600 swing low to $25,045 excessive.
However, the bulls had been lively close to a key help at $24,200. The 61.8% Fib retracement stage of the upward transfer from the $23,600 swing low to $25,045 excessive acted as a help.
There can also be a key bullish pattern line forming with help close to $24,400 on the hourly chart of the BTC/USD pair. Bitcoin value is now buying and selling above the $24,000 stage and the 100 hourly simple moving average.
Source: BTCUSD on TradingView.com
On the upside, a right away resistance is close to the $24,800 stage. The subsequent key resistance is close to the $25,000 zone. A detailed above the $25,000 resistance zone may begin one other enhance. In the acknowledged case, the value might maybe take a look at the $25,800 resistance. Any extra positive factors would possibly ship the value in the direction of the $26,200 stage.
Dips Supported in BTC?
If bitcoin fails to clear the $25,000 resistance zone, it may begin a draw back correction. An instant help on the draw back is close to the $24,600 stage.
The subsequent main help now sits close to the $24,500 stage, the pattern line, and the 100 hourly SMA. If the bears push the value beneath the $24,500 help stage, there is perhaps a transfer in the direction of the $24,200 stage. Any extra losses would possibly ship the value in the direction of $23,500 stage.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 stage.
Major Support Levels – $24,500, adopted by $24,200.
Major Resistance Levels – $25,000, $25,800 and $26,200.
