Bitcoin is gaining bullish momentum above $24,500 in opposition to the US Greenback. BTC might acquire bullish momentum if it clears the $25,000 resistance zone.
- Bitcoin began a recent enhance above the $24,200 resistance zone.
- The worth is now buying and selling above the $24,000 stage and the 100 hourly easy transferring common.
- There’s a key bullish pattern line forming with assist close to $24,400 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair might acquire bullish momentum if there’s a clear transfer above the $25,000 resistance.
Bitcoin Value Features Momentum
Bitcoin worth tried a recent enhance above the $24,500 resistance zone. BTC gained tempo for a transfer above the $24,800 stage, with an in depth above the 100 hourly easy transferring common.
The worth even spiked above the $25,000 stage. A excessive was fashioned close to $25,045 earlier than there was a draw back correction. There was a transfer beneath the $24,500 assist stage. The worth declined beneath the 50% Fib retracement stage of the upward transfer from the $23,600 swing low to $25,045 excessive.
Nevertheless, the bulls had been energetic close to a key assist at $24,200. The 61.8% Fib retracement stage of the upward transfer from the $23,600 swing low to $25,045 excessive acted as a assist.
There may be additionally a key bullish pattern line forming with assist close to $24,400 on the hourly chart of the BTC/USD pair. Bitcoin worth is now buying and selling above the $24,000 stage and the 100 hourly simple moving average.
Supply: BTCUSD on TradingView.com
On the upside, an instantaneous resistance is close to the $24,800 stage. The subsequent key resistance is close to the $25,000 zone. An in depth above the $25,000 resistance zone might begin one other enhance. Within the acknowledged case, the worth might maybe check the $25,800 resistance. Any extra positive aspects may ship the worth in direction of the $26,200 stage.
Dips Supported in BTC?
If bitcoin fails to clear the $25,000 resistance zone, it might begin a draw back correction. A right away assist on the draw back is close to the $24,600 stage.
The subsequent main assist now sits close to the $24,500 stage, the pattern line, and the 100 hourly SMA. If the bears push the worth beneath the $24,500 assist stage, there is perhaps a transfer in direction of the $24,200 stage. Any extra losses may ship the worth in direction of $23,500 stage.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bullish zone.
Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now above the 50 stage.
Main Help Ranges – $24,500, adopted by $24,200.
Main Resistance Ranges – $25,000, $25,800 and $26,200.