Bitcoin Price Could Rally Again If It Stays Above This Key Support


Bitcoin started a downside correction from the $24,000 resistance against the US Dollar. BTC finds quotes close to $22,500 and may start a new rally.

  • Bitcoin started a bearish correction and traded below the $23,000 level.
  • The price is now trading above $22,000 and testing the 100 hourly simple moving average.
  • There was a break above the major downtrend line with resistance near $22,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair may continue higher if it stays above $22,500 and the 100 hourly SMA.

Bitcoin price still supported

The price of bitcoin has risen at a rapid pace and has risen above $24,000 resistance area. However, the bears appeared near $24,250. A top formed near $24,264 and the price started a downside correction.

There was a move below $24,000 and $23,500. The price fell below the 38.2% Fib retracement level of the upward move from the swing low of $20,769 to the high of $24,264. Besides, there was a rally below the $23,000 level.

Bitcoin finds support near $22,500 and Simple moving average per 100 hours. It started a good bullish move and climbed above $23,000.

There was a break above the major downtrend line with resistance near $22,750 on the hourly chart of the BTC/USD pair. On the upside, bitcoin price could face resistance near the $23.440 level. The next major resistance is near the $23.880 region.

Bitcoin price

Source: BTCUSD on TradingView.com

A close above the $23,880 resistance area could set the pace for further gains. In the mentioned case, the price may rise towards the $24,250 level. The next major resistance is near the $25,000 level.

Broken downside in bitcoin?

If Bitcoin fails to break above the $23,880 resistance area, it may initiate a downward correction. There is immediate support on the downside near the $22.750 level and the hourly 100 SMA.

The next major support is now near the $22,500 level. A clear break and close below the $22,500 support area could send the price towards $21,450 in the near term, or even $21,000.

Technical indicators:

Hourly MACD The MACD is now losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still above the 50 level.

Key support levels – $22.750, followed by $22,500.

Key resistance levels – $23,440, $23,880 and $24,250.



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