Bitcoin price started a fresh rally from the $22,400 support zone. BTC climbed to a new yearly high and is now aiming above $24,000.
- Bitcoin started a fresh rally after forming a base near the $22,400 support zone.
- The price is trading above $23,000 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $23,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could initiate a new rally if it stays above the $23,000 support zone.
Bitcoin price starts to rise again.
Bitcoin price saw a drop below the $23,000 level. However, BTC maintained a good bid near the $22,400 support zone. A low was made near $22,341 and A new rise in prices began.
There was a clear move above the $23,000 resistance zone. Also, there was a break above a major bearish trend line with resistance near $23,000 on the hourly chart of the BTC/USD pair. The pair reached a new yearly high of $23,829 and is currently correcting the gains.
There was a move below the 50% Fib retracement level of the recent rally at $22,341 swing low to $23,829 high. However, bulls appeared near the $23,200 support zone.
Bitcoin price is now trading above $23,000 and the 100 hourly simple moving average. It is also above the 61.8% Fib retracement level of the recent rise to the $23,829 high from the $22,341 swing low. An immediate resistance is near the $23,400 level.
Source: BTCUSD on TradingView.com
The next major resistance is near the $23,850 zone, above which the price may gain bullish momentum. In the described case, the price might move towards the $24,200 level. The next resistance could be near the $24,500 level. Someone else can send benefits. BTC price towards the $25,000 level.
Are dips supported in BTC?
If the price of Bitcoin fails to overcome the $23,400 resistance, it may move lower. Immediate support on the downside is near the $23,000 zone.
The next major support is near the $22,850 zone. A negative break below the $22,850 level could send the price towards the $22,500 level. Further losses could send the price towards $22,350 in the near term.
Hourly MACD – MACD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $23,000, followed by $22,850.
Major resistance levels – $23,400, $23,850 and $24,200.
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