Bitcoin price surged over 10% and cleared the $24,000 resistance. BTC traded close to $25,000 and remains supported for more gains in the near term.
- Bitcoin is gaining pace above the $23,500 and $24,000 resistance levels.
- The price is trading above $24,000 and the 100 hourly simple moving average.
- There was a break above a couple of continuations pattern at $22,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue higher if there is a clear move above $24,800 and $25,000.
Bitcoin Price Jumps 12%
Bitcoin price formed a strong support base above the $22,000 level. BTC started a strong increase and was able to clear many hurdles near the $23,000 resistance zone.
During the increase, there was a break above a couple of continuations pattern at $22,900 on the hourly chart of the BTC/USD pair. The pair even broke the $24,000 resistance zone and settled well above the 100 hourly simple moving average.
A new weekly high is formed near $24,899 and the price is now consolidating gains. Bitcoin price is trading well above the 23.6% Fib retracement level of the recent rally from the $21,505 swing low to $24,899 high.
On the upside, an immediate resistance is near the $24,800 level. The next major resistance is near the $25,000 zone. A clear move above the $25,000 resistance might start another steady increase.
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In the stated case, the price may perhaps rise towards the $25,500 level. The next resistance could be near the $26,200 level, where the bears are likely to take a strong stand.
Dips Attractive in BTC?
If bitcoin price fails to clear the $25,000 resistance, it could start a downside correction. An immediate support on the downside is near the $24,350 zone.
The next major support is near the $24,000 zone. If there is a downside break, the price might test the 50% Fib retracement level of the recent rally from the $21,505 swing low to $24,899 high. The next major support is near the $23,000 level, below which the price might decline towards the $22,500 support.
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 in the overbought zone.
Major Support Levels – $24,350, followed by $24,000.
Major Resistance Levels – $24,800, $25,000 and $25,500.
