Bitcoin was trading near $25,000 before turning lower against the US Dollar. BTC must stay above the $23,500 support level to start another rise.
- Bitcoin started a fresh rise above the $24,000 resistance area.
- The price is now trading above the $23,600 level and the 100 hourly simple moving average.
- There was a break below a major bullish trend line with support near $24,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is now approaching a key support area near $23,600 and $23,500.
bitcoin price goes down
Bitcoin price gained momentum after a clear move above the $24,000 resistance area. BTC moved into positive territory by breaking the $24,200 level.
The price also climbed above the $24,500 level and traded near the $25,000 level. A high was formed near $24,900 and the price started a decline. There was a break below the $24,500 support level.
Besides, there was a break below a major bullish trend line with support near $24,000 on the hourly chart of the BTC/USD pair. Bitcoin price is also trading above the 23.6% Fib retracement level of the $22,686 low from $24,901 high.
However, the price is now trading above the $23,600 level and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $24,200 level.
Source: BTCUSD on TradingView.com
The next major resistance is near the $24,500 area. Another rally could start above the $24,500 resistance area. In the specified case, the price might test the $25,000 resistance area.
Dips Limited in BTC?
If bitcoin fails to clear the $24,200 resistance area, it could continue to move lower. On the downside, immediate support is near the $23,800 level and the 100 hourly SMA.
It is near the 50% Fib retracement level of the upward move from $22,686 low to $24,901 high. The next major support is now near the $23,500 level. If the bears push the price below the $23,500 support level, it could move towards the $23,000 level. Any further losses could send the price towards the $22,500 level.
Hourly MACD – The MACD is now losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Key Support Level – $23,800, followed by $23,500.
Key Resistance Levels – $24,200, $24,500 and $25,000.