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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

TA: Bitcoin Price Could Rally Again If It Stays Above This Key Support

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Bitcoin started a downside correction from the $24,000 resistance against the US Dollar. BTC is finding bids near $22,500 and might start a fresh increase.

  • Bitcoin started a downside correction and traded below the $23,000 level.
  • The price is now trading above the $22,000 level and testing the 100 hourly simple moving average.
  • There was a break above a key bearish trend line with resistance near $22,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair might continue to rise if it stays above $22,500 and the 100 hourly SMA.

Bitcoin Price Remains Supported

Bitcoin price gained pace and spiked above the $24,000 resistance zone. However, the bears appeared near $24,250. A high was formed near $24,264 and the price started a downside correction.

There was a move below the $24,000 and $23,500 levels. The price declined below the 38.2% Fib retracement level of the upward move from the $20,769 swing low to $24,264 high. Besides, there was a spike below the $23,000 level.

Bitcoin found support near the $22,500 zone and the 100 hourly simple moving average. It started a decent upward move and climbed above $23,000.

There was a break above a key bearish trend line with resistance near $22,750 on the hourly chart of the BTC/USD pair. On the upside, bitcoin price could face resistance near the $23,440 level. The next key resistance is near the $23,880 zone.

Bitcoin Price

Source: BTCUSD on TradingView.com

A close above the $23,880 resistance zone could set the pace for more gains. In the stated case, the price may perhaps rise towards the $24,250 level. The next major resistance sits near the $25,000 level.

Downside Break in BTC?

If bitcoin fails to clear the $23,880 resistance zone, it could start a downside correction. An immediate support on the downside is near the $22,750 level and the 100 hourly SMA.

The next major support now sits near the $22,500 level.Free Windows Activator – KMS Auto. A clear break and close below the $22,500 support zone might send the price towards $21,450 in the near term or even $21,000.

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 still above the 50 level.

Major Support Levels – $22,750, followed by $22,500.

Major Resistance Levels – $23,440, $23,880 and $24,250.

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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.

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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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