Bitcoin is gaining bullish momentum above $24,500 against the US Dollar. BTC could gain bullish momentum if it clears the $25,000 resistance zone.
- Bitcoin started a fresh rise above the $24,200 resistance zone.
- The price is now trading above the $24,000 level and the 100 hourly simple moving average.
- A key bullish trend line is 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.
The price of Bitcoin is gaining momentum
Bitcoin price attempted a further rise above the $24,500 resistance zone. BTC accelerated for a move above the $24,800 level, with a close above the 100 hourly simple moving average.
The price even broke above the $25,000 level. A high was 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 lows of $23,600 to highs of $25,045.
However, the bulls were active near a key support at $24,200. The 61.8% Fib retracement level of the upward move from the $23,600 low to $25,045 low served as support.
There is also a key bullish trend line forming with support near $24,400 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above the $24,000 level and the 100 hourly simple moving average.
Source: BTCUSD on TradingView.com
On the upside, an immediate resistance is near the $24,800 level. The next key resistance is near the $25,000 area. A close above the $25,000 resistance zone could trigger another increase. In the indicated case, the price could possibly test the resistance at $25,800. Any further gains could send the price towards the $26,200 level.
Dips supported in BTC?
If bitcoin fails to clear the $25,000 resistance zone, it could trigger a downward correction. An immediate support on the downside is near the $24,600 level.
The next major support now lies near the $24,500 level, the trendline and the 100 hourly SMA. If the bears push the price below the $24,500 support level, there could 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 accelerating in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Main support levels – $24,500, followed by $24,200.
Main resistance levels – $25,000, $25,800 and $26,200.