17:37TA: Why Bitcoin Rally Could Soon Fade If BTC Fails To Surpass $24K
Bitcoin price started a fresh upward move from the $22,000 support zone against the US Dollar. BTC is now trading nicely above the 100 hourly SMA, but it is facing hurdles near $24,000.
Bitcoin started a fresh increase above the $23,000 and $23,500 resistance levels.
Bitcoin Price is Showing Bullish Signs
After a sharp decline, bitcoin price found support near the $22,350 level. A support base was formed before BTC started a fresh increase above the $22,800 and $23,000 levels.
The price gained bullish momentum above the $23,200 resistance level and settled above the 100 hourly simple moving average. There was also a break above a key bearish trend line with resistance near $23,200 on the hourly chart of the BTC/USD pair.
Bitcoin even climbed above the $23,500 resistance level and traded close to the $24,000 resistance. A high is formed near $24,044 and the price is clearly facing hurdles near $24,000.
Source: BTCUSD on TradingView.com
It is now trading near the 23.6% Fib retracement level of the recent wave from the $22,359 swing low to $24,044 high. The next major support on the downside is near the $23,500 level or the 100 hourly simple moving average.
There is also a connecting bullish trend line forming with support near $23,200 level. It coincides with the 50% Fib retracement level of the recent wave from the $22,359 swing low to $24,044 high. Any more downsides below the trend line support could lead the price towards the $22,350 support zone in the coming sessions.
Upsides Break in BTC?
If bitcoin remains stable above the $23,500 and $23,320 levels, there are high chances of an upside break. An initial resistance on the upside is near the $24,000 level.
The next major resistance is near the $24,250 level. A close above the $24,250 level could start another pump and the price could easily rise towards the $25k in the near term.
Hourly MACD – The MACD is slowly losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well above the 50 level.
Major Support Levels – $23,500, followed by $23,200.
Major Resistance Levels – $24,000, $24,100 and $24,250.
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