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TA: Bitcoin Price Gains Momentum, Why The Bulls Could Aim $25K

Bitcoin started a fresh increase above the $23,000 resistance zone against the US Dollar. BTC might continue to rise towards the $25,000 resistance zone.

  • Bitcoin started a fresh increase and climbed above the $23,000 resistance.
  • The price is now trading above the $23,000 level and the 100 hourly simple moving average.
  • There is a short-term contracting triangle forming with resistance near $24,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must clear the $24,000 resistance to continue higher in the near term.

Bitcoin Price Rises Steadily

Bitcoin price remained well bid above the $22,000 support zone. It formed a base above the $22,500 level and started a fresh increase. The price was able to gain pace for a move above the $23,000 resistance zone.

The bulls pumped the price above the $23,500 resistance. It even spiked above the $24,000 level and traded as high as $24,198. It is now trading above the $23,000 level and the 100 hourly simple moving average. There is also a short-term contracting triangle forming with resistance near $24,000 on the hourly chart of the BTC/USD pair.

It is also trading well above the 23.6% Fib retracement level of the upward move from the $20,696 swing low to $24,198 high. Bitcoin price is facing resistance near the $24,000 level.

Source: BTCUSD on TradingView.com

The next key resistance is near the $24,200 zone. A close above the $24,200 resistance zone could set the pace for more gains. In the stated case, the price may perhaps rise towards the $24,500 level. The next major resistance sits near the $25,000 level.

Dips Limited in BTC?

If bitcoin fails to clear the $24,000 resistance zone, it could start a downside correction. An immediate support on the downside is near the $23,740 level.

The next major support now sits near the $23,370 and $23,350 levels. Any more losses might send the price towards the 50% Fib retracement level of the upward move from the $20,696 swing low to $24,198 high at $22,450. A close below the $22,450 support zone might restart downtrend.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now correcting towards 60.

Major Support Levels – $23,740, followed by $23,350.

Major Resistance Levels – $24,000, $24,200 and $25,000.

About Sean Patterson

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