Bitcoin Price Rally Loses Steam But This Support Might Spark Another Surge
13 Marzo 2023 - 8:58PM
NEWSBTC
Bitcoin price surged over 15% and cleared the $24,000 resistance.
BTC might correct lower, but dips might be supported near the
$23,500 zone. Bitcoin started a strong increase above the $23,500
resistance zone. The price is trading above $24,000 and the 100
hourly simple moving average. There is a short-term rising channel
forming with support near $24,220 on the hourly chart of the
BTC/USD pair (data feed from Kraken). The pair could correct lower
towards the $23,600 and $23,500 support levels. Bitcoin Price
Surges Above $24K Bitcoin price started a strong increase above the
$22,000 resistance zone. BTC gained bullish momentum and was able
to clear the $23,500 resistance to move further into a positive
zone. The price is up over 15% and there was a clear move above the
$24,000 resistance zone. A high is formed near $24,599 and the
price is now consolidating gains. There is also a short-term rising
channel forming with support near $24,220 on the hourly chart of
the BTC/USD pair. Bitcoin price is now trading above $24,000 and
the 100 hourly simple moving average. It is also well above the
23.6% Fib retracement level of the upward move from the $19,550
swing low to $24,599 high. Source: BTCUSD on TradingView.com An
immediate resistance is near the $24,580 level. The next major
resistance is near the $24,620 zone. A close above the $24,620
resistance might start a fresh increase towards the $25,000
resistance. The next key resistance is near the $25,200 zone, above
which the price might gain bullish momentum and test $26,500. Dips
Limited in BTC? If bitcoin price fails to clear the $24,620
resistance, it could correct lower. An immediate support on the
downside is near the $24,220 zone and the channel lower trend line.
The next major support is near the $23,500 zone, below which the
price might drop to $22,800. The next major support is near the
$22,000 level or the 50% Fib retracement level of the upward move
from the $19,550 swing low to $24,599 high. Any more losses might
send the price towards the $21,200 level and the 100 hourly simple
moving average. 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 now in the overbought zone. Major
Support Levels – $24,220, followed by $23,500. Major Resistance
Levels – $24,620, $25,000 and $25,200.
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