Bitcoin has begun a downside correction with a $ 24,000 resistance to the US dollar. BTC has found bids close to $ 22,500 and may launch new price increases.
- Bitcoin has begun to correct its decline and has traded below the $ 23,000 level.
- Prices are currently trading above the $ 22,000 level and we are testing a simple moving average every 100 hours.
- The BTC / USD pair hourly chart (data feed from Kraken) broke above the major bearish trendline with resistance near $ 22,750.
- If it exceeds $ 22,500 and the SMA every 100 hours, the pair could continue to rise.
Bitcoin prices will continue to be supported
Bitcoin prices are picking up $ 24,000 Resistance Zone.. However, bears have appeared near $ 24,250. A high was formed near $ 24,264 and the price began to correct its decline.
There was a move below the $ 24,000 and $ 23,500 levels. Prices fell below the 38.2% Fibonacci retracement level, rising from a low of $ 20,769 to a high of $ 24,264. On top of that, there were spikes below the $ 23,000 level.
Bitcoin has a $ 22,500 zone Simple moving average every 100 hours.. It started a decent upward move and exceeded $ 23,000.
The BTC / USD pair’s hourly chart broke above the major bearish trendline with resistance near $ 22,750. Conversely, Bitcoin prices can face resistance near the $ 23,440 level. The next significant resistance is near the $ 23,880 zone.
Source: BTCUSD on TradingView.com
A little above the $ 23,880 resistance zone could set the pace for further profits. If listed, the price could probably rise towards the $ 24,250 level. The next big resistance is near the $ 25,000 level.
A break on the downside of BTC?
If Bitcoin fails to clear the $ 23,880 resistance zone, it may begin to fix the downside. Immediate support on the downside is close to the $ 22,750 level and SMA every 100 hours.
The next major support is currently near the $ 22,500 level. A clear break and a close below the $ 22,500 support zone could send prices towards $ 21,450 and even $ 21,000 in the short term.
Hourly MACD – MACD is losing pace in the bull zone.
Relative Strength Index (RSI) on an hour-BTC / USD RSI is still above the 50 level.
Key support levels – $ 22,750, followed by $ 22,500.
Major resistance levels – $ 23,440, $ 23,880, $ 24,250.