TA: Bitcoin Price Surge Could Extend Above $24K, Indicators Turn Green

Bitcoin gained pace above the $23,000 resistance against the US Dollar. BTC could rise further towards $24,000 if it stays above the $22,750 support.

• Bitcoin climbed over 5% and there was a move above the $23,000 resistance zone.
• The price is now trading above the $22,750 level and testing the 100 hourly simple moving average.
• There is a major bullish trend line forming with support near $22,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair might continue to rise if it clears the $23,500 and $22,750 levels.

Bitcoin Price Starts Fresh Increase

Bitcoin price started a decent increase after it managed to settle above the $22,000 resistance zone. BTC gained pace for a move above the $23,000 resistance level.

The price even broke the $23,500 level and settled above the 100 hourly simple moving average. A high was formed near $23,782 and the price is now consolidating gains. There was a minor downside correction below the $23,500 level.

Bitcoin traded below the 23.6% Fib retracement level of the upward move from the $21,403 swing low to $23,782 high. However, the bulls were active near the $23,000 support zone.

There is also a major bullish trend line forming with support near $22,750 on the hourly chart of the BTC/USD pair. On the upside, bitcoin price could face resistance near the $23,500 level. The next key resistance is near the $23,750 zone.

Source: BTCUSD on TradingView.com

A close above the $23,750 resistance zone could set the pace for more upsides. In the stated case, the price may perhaps rise towards the $24,000 level. The next major resistance sits near the $24,500 level.

Dips Supported in BTC?

If bitcoin fails to clear the $23,500 resistance zone, it could start a downside correction. An immediate support on the downside is near the $23,000 level.

The next major support now sits near the $22,750 level and the trend line zone. It is also close to the 50% Fib retracement level of the upward move from the $21,403 swing low to $23,782 high. A clear move below the trend line support might send the price towards $21,500.

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 – $22,750, followed by $22,500.

Major Resistance Levels – $23,500, $23,750 and $24,000.

from NewsBTC https://ift.tt/GHDO9J5