Bitcoin Price Reaches Inflection Zone and 100 SMA Is The Key
Bitcoin price tested the $23,600 zone and started a decent increase. BTC must clear the $24,500 resistance and the 100 hourly SMA to move into a positive zone.
Bitcoin is slowly moving higher above the $24,000 resistance zone. The price is trading below $24,500 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $24,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could gain bullish momentum if it clears the 100 hourly SMA and $24,500.Bitcoin Price Holds Ground
Bitcoin price started a downside correction from the $25,200 resistance zone. There was a steady decline below the $24,500 support zone and the 100 hourly simple moving average.
The price even spiked below the $24,000 support zone. A low was formed near $23,600 and the price recently started a fresh increase. There was a move above the $23,800 and $24,000 levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $25,250 swing high to $23,600 low.
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On the upside, an immediate resistance is near the $24,500 level. The next major resistance is near the $24,600 zone or 61.8% Fib retracement level of the downward move from the $25,250 swing high to $23,600 low. A clear move above the $24,600 resistance might send the price towards the key $25,000 resistance zone.
Source: BTCUSD on TradingView.com
A close above the $25,000 resistance could set the stage for a fresh rally. In the stated case, the price may perhaps rise towards the $26,200 level.
Another Decline in BTC?
If bitcoin price fails to clear the $24,600 resistance, it could start another decline. An immediate support on the downside is near the $24,000 zone.
The next major support is near the $23,600 zone. If there is a downside break, the price might decline towards $22,200. The next major support is near the $22,000 level.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $24,000, followed by $23,600.
Major Resistance Levels – $24,500, $24,600 and $25,000.