Bitcoin worth discovered help above $22,500 and surged over 6% towards the US Dollar. BTC broke many hurdles and may rise additional in the direction of the $25,000 resistance.
- Bitcoin began a contemporary enhance after it discovered robust bids above $22,500.
- The worth is now buying and selling above the $23,500 stage and the 100 hourly easy shifting common.
- There was a break above a key bearish pattern line with resistance close to $23,350 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair is forming a bullish breakout sample and may rise in the direction of $25,000.
Bitcoin Price Breaks Resistance
Bitcoin worth remained well supported above the $22,500 zone. BTC fashioned a double backside sample close to the $22,500 stage and began a robust enhance.
There was a transfer above the $23,000 and $23,500 resistance ranges. The worth even surged above the $24,000 resistance. There was a break above a key bearish pattern line with resistance close to $23,350 on the hourly chart of the BTC/USD pair.
Bitcoin worth even broke the $24,200 resistance and traded as excessive as $24,488. It is now consolidating good points above the $24,200 help zone. It can also be nicely above the 23.6% Fib retracement stage of the upward transfer from the $22,685 swing low to $24,488 excessive.
Source: BTCUSD on TradingView.com
On the upside, a right away resistance is close to the $24,450 stage. The subsequent key resistance is close to the $24,500 zone. A detailed above the $24,500 resistance zone might begin one other enhance. In the said case, the value might maybe rise in the direction of the $25,000 resistance.
Dips Limited in BTC?
If bitcoin fails to clear the $24,500 resistance zone, it might right decrease. An fast help on the draw back is close to the $24,200 stage. The subsequent main help now sits close to the $24,000 stage.
If the bears push the value beneath the $24,000 help stage, there is perhaps a transfer in the direction of the $23,550 stage. It is close to the 50% Fib retracement stage of the upward transfer from the $22,685 swing low to $24,488 excessive. Any extra losses may ship the value in the direction of $23,450 stage or the 100 hourly easy shifting common.
Technical indicators:
Hourly MACD – The MACD is now shedding tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now nicely above the 50 stage.
Major Support Levels – $24,200, adopted by $23,500.
Major Resistance Levels – $24,450, $24,500 and $25,000.
