Bitcoin price extended its rise and traded above USD 24,000 against the US dollar. BTC is currently correcting lower and it could find a strong support near USD 23,000 or USD 22,780.
- Bitcoin continued to rebound and it traded to a new all-time high above the USD 24,000 level.
- The price is now correcting below USD 23,500, but well above the simple 100 (4 hour) moving average.
- There was a break above a major contractile triangle with resistance near USD 23,100 on the BTC / USD pair’s 4-hour chart (Kraken data feed).
- The pair is likely to find strong buying interest near $ 23,000 or $ 22,780.
Bitcoin price fixes new ATH
There was one in the last few days steady rise in bitcoin price above $ 20,000 resistance to the US dollar. The BTC / USD pair broke many hurdles near USD 22,000 and USD 23,000 to extend its rally.
During the recent rise, there was a break above a major contracting triangle with a resistance near USD 23,100 on the 4-hour chart of the BTC / USD pair. The pair climbed above the USD 24,000 resistance and settled well above the 100 simple (4 hours) moving average.
A new all-time high was formed near $ 24,260 and the price currently stands correct lower. There was a break below the USD 23,500 support level. The price even tested the 50% Fib retracement level of the recent hike from the $ 22,320 swing low to $ 24,260 swing high.
Source: BTCUSD on TradingView.com
Bitcoin is approaching some key supports near the USD 23,000 level. The 61.8% Fib retracement level from the recent rise from the USD 22,320 swing low to the USD 24,260 swing high could also serve as a support near USD 23,060.
The next big support is near the USD 22,780 level. Even more losses can push the price towards the $ 22,320 swing low or even $ 22,000.
More benefits in BTC?
Once the current wave of correction in bitcoin completes, it could start a fresh increase of USD 23,000 or USD 22,000. An initial resistance on the upside is near the USD 23,650 level.
The first major resistance is near USD 24,000. A clear break above the USD 24,000 resistance level could open the doors for a new all-time high above USD 24,260.
4 Hour MACD – The MACD for BTC / USD is slowly losing momentum in the bullish zone.
4 Hour RSI (Relative Strength Index) – The RSI for BTC / USD corrects lower to the 60 level.
Major Support Level – USD 23,000
Major Resistance Level – USD 24,000