Bitcoin is gaining 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 rise 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 level.
bitcoin price gain momentum
Bitcoin price attempted a fresh rise above the $24,500 resistance area. BTC gained momentum above the $24,800 level with a move above the 100 hourly simple moving average.
The price also increased above the $25,000 level. A high was formed near $25,045 before there was a downside correction. There was a break below the $24,500 support level. The price declined on the upside of the 50% Fib retracement level of the $23,600 low to $25,045 high.
However, the bulls were active near the key $24,200 support level. The 61.8% Fib retracement level of the upward move from the $23,600 low to $25,045 high is acting as an upside 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 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 major resistance is near the $25,000 area. Another rally could start above the $25,000 resistance area. In the specified case, the price might test the $25,800 resistance area. Any further gains could send the price towards the $26,200 level.
Supported Dips in BTC?
If bitcoin fails to clear the $25,000 resistance area, it could initiate a downside correction. On the downside, immediate support is near the $24,600 level.
The next major support is now near the $24,500 level, the trend line and the 100 hourly SMA. If the bears push the price below the $24,500 support level, it could 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 momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Key Support Level – $24,500, followed by $24,200.
Key Resistance Levels – $25,000, $25,800 and $26,200.