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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Bitcoin Price Needs To Clear $24,000 For Hopes of a Fresh Rally

Aayush Jindal
Aayush Jindal
2 years ago
2 mins read
Bitcoin

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Created by industry experts and meticulously reviewed
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Bitcoin price is still well below the $24,000 resistance. BTC must clear the $24,000 barrier to move into a bullish zone and start a fresh rally.

  • Bitcoin is still facing hurdles and trading below the $23,650 resistance zone.
  • The price is trading above $23,320 and the 100 hourly simple moving average.
  • There is a key contracting triangle forming with resistance near $23,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a fresh rally if it clears the $23,650 and $24,000 resistance levels.

Bitcoin Price Faces Resistance

Bitcoin price remained capped near the $23,650 and $23,950 levels. BTC attempted an upside break above the $24,000 resistance but failed. A high was formed near $23,977 and the price started a fresh decline.

There was a move below the $23,600 level. The price traded below the 50% Fib retracement level of the upward move from the $23,042 swing low to $23,977 high. However, the bulls were active near the $23,350 and $23,400 levels.

Bitcoin price is now trading above $23,320 and the 100 hourly simple moving average. It is also above the 61.8% Fib retracement level of the upward move from the $23,042 swing low to $23,977 high.

An immediate resistance is near the $23,550 zone. There is also a key contracting triangle forming with resistance near $23,600 on the hourly chart of the BTC/USD pair. The first major resistance is near the $23,650 zone. A clear move above the $23,650 resistance might start a steady increase towards the $24,000 resistance zone.

Bitcoin Price

Source: BTCUSD on TradingView.com

The next key resistance is near the $24,200 zone, above which the price might move into a bullish zone. In the stated case, the price may perhaps rise towards the $25,200 resistance.

Fresh Decline in BTC?

If bitcoin price fails to clear the $23,600 resistance, it could start another decline. An immediate support on the downside is near the $23,350 zone.

The next major support is near the $23,050 zone. The main support sits at $22,800, below which the bears might gain strength and push the price to $22,200. The next major support is near the $22,000 level.

Technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $23,000, followed by $22,800.

Major Resistance Levels – $23,600, $24,000 and $24,600.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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