Bitcoin Price Corrects Sharply But This Support Might Spark Another Increase
14 Marzo 2023 - 9:22PM
NEWSBTC
Bitcoin price rallied and even spiked above the $26,000 resistance.
BTC corrected lower, but the bulls are active above the $24,000
support zone. Bitcoin started a strong increase above the $24,500
resistance zone. The price is trading above $24,000 and the 100
hourly simple moving average. There is a key bullish trend line
forming with support near $24,750 on the hourly chart of the
BTC/USD pair (data feed from Kraken). The pair could start a fresh
increase if it stays above the $24,000 support zone. Bitcoin Price
Rejects $26.5K Bitcoin price started a strong increase above the
$24,000 resistance zone. BTC even surpassed the $25,000 resistance
to move further into a positive zone. Finally, the price spiked
above the $26,000 and $26,200 resistance levels. A high was formed
near $26,526 before there was a sharp downside correction. The
price declined heavily below the $26,000 and $25,500 levels. It
traded close to the $24,000 support zone. A low is formed near
$24,051 and the price is now rising. Bitcoin price is trading above
$24,000 and the 100 hourly simple moving average. There is also a
key bullish trend line forming with support near $24,750 on the
hourly chart of the BTC/USD pair. An immediate resistance is near
the $25,300 level. It is near the 50% Fib retracement level of the
recent decline from the $26,526 swing high to $24,051 low. Source:
BTCUSD on TradingView.com The next major resistance is near the
$25,600 zone. It is near the 61.8% Fib retracement level of the
recent decline from the $26,526 swing high to $24,051 low. A close
above the $25,600 resistance might start a fresh increase towards
the $26,000 resistance. The next key resistance is near the $26,500
zone, above which the price might gain bullish momentum and test
$27,500. Dips Limited in BTC? If bitcoin price fails to clear the
$25,300 resistance, it could start another decline. An immediate
support on the downside is near the $24,750 zone and the trend
line. The next major support is near the $24,000 zone, below which
the price gain bearish momentum. The next major support is near the
$23,200 level. Any more losses might send the price towards the
$22,500 level and the 100 hourly simple moving average. Technical
indicators: Hourly MACD – The MACD is now losing pace in the
bearish zone. Hourly RSI (Relative Strength Index) – The RSI for
BTC/USD is now above the 50 level. Major Support Levels – $24,750,
followed by $24,000. Major Resistance Levels – $25,300, $25,600 and
$26,200.
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