Bitcoin is gaining bullish momentum above $24,500 against the US Dollar. BTC could gain bullish momentum if it clears the $25,000 resistance area.
- Bitcoin started a fresh increase above the $24,200 resistance area.
- The price is now trading above the $24,000 level and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $24,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if there is a clear move above the $25,000 resistance.
Bitcoin price gaining momentum
Bitcoin price tried a new increase above $24,500 resistance area. BTC gained pace to move above the $24,800 level, with a close above the 100-hour simple moving average.
The price even rose above the $25,000 level. A top formed near $25,045 before there was a downside correction. There was a move below the $24,500 support level. The price fell below the 50% Fib retracement level of the upward move from the swing low of $23,600 to the high of $25,045.
However, the bulls were active near the key support level at $24,200. The 61.8% Fib retracement level of the upward move from the $23,600 swing low to the $25,045 high has acted as support.
There is also a major bullish trend line forming with support near $24,400 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $24,000 and Simple moving average per 100 hours.
Source: BTCUSD on TradingView.com
On the upside, there is an immediate resistance near the $24,800 level. The next major resistance is near the $25,000 area. A close above the $25,000 resistance area could trigger another rally. In the mentioned case, the price may test the $25,800 resistance. Any further gains could send the price towards the $26,200 level.
Supporting Bitcoin dips?
If Bitcoin fails to clear the $25,000 resistance area, it may start a downside correction. There is immediate support on the downside near the $24,600 level.
The next major support is now near the $24,500 level, the trend line and the 100 hourly simple moving average. If the bears push the price below the $24,500 support, there may be a move towards the $24,200 level. Any further losses could send the price towards the $23,500 level.
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $24,500, followed by $24,200.
The main resistance levels are $25,000, $25,800 and $26,200.