TA: Why Bitcoin Is Primed To Rally Above $24K, $23K Holds The Key

Bitcoin price is holding gains above $23,000 and $23,200 against the US Dollar. BTC is showing positive signs and it seems to be preparing for more upsides above $24K

• Bitcoin is trading nicely above the $23,000 and $23,200 support levels.
• The price is currently trading near $23,800 and it is well above the 100 hourly simple moving average.
• There is a key bullish trend line forming with support near $23,080 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair is likely to continue higher above $24,000 and $24,200 in the coming sessions.

Bitcoin Price is Eyeing More Upsides

In the past 2-3 sessions, there were mostly range moves in bitcoin price above the $23,000 support. BTC seems to be forming a strong support base near $23,000, $23,200, and the 100 hourly simple moving average.

The recent low was formed near $23,078 before the price climbed higher above $23,500. There was a break above the 50% Fib retracement level of the latest decline from the $24,301 high to $23,078 low. There is also a key bullish trend line forming with support near $23,080 on the hourly chart of the BTC/USD pair.

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However, the price seems to be facing resistance near the $23,800 level. The 61.8% Fib retracement level of the latest decline from the $24,301 high to $23,078 low is also acting as a resistance for the bulls. A clear break above the $23,800 zone could open the doors for more gains above $24,000 and $24,080.

The next key resistance for bitcoin is near the $24,300 level, above which the price is likely to continue higher towards the $24,500 and $24,600 levels in the coming sessions.

Downsides Supported in BTC?

If bitcoin starts another short-term downside correction, it could find support near the $23,500 level. The first key support is near the $23,200 level. The main support is forming near the $23,000 level and the 100 hourly simple moving average. A daily close below the $23,000 support and the 100 hourly simple moving average might call for an extended downside correction. The next major support could be near the $22,350 level. Technical indicators: Hourly MACD – The MACD is slowly gaining momentum in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well above the 50 level. Major Support Levels – $23,200, followed by $23,000. Major Resistance Levels – $23,800, $24,000 and $24,300.