The next BTC rally could fade if the number one cryptocurrency doesn’t manage to pass over the $24,000 level. So far, it is trading nicely above the 100 hourly SMA but it did face some hurdles above $24,000 as we can see in today’s Bitcoin news.
Bitcoin started a fresh increase above the $23,000 and the $23,500 resistance levels with the price trading above the 100 hourly simple moving average. There was a break above the key bearish trend line with the resistance near the $23,200 level on the hourly chart of the BTC/USD pair as it could drop again unless the $24,000 zone is surpassed.
The next BTC rally could face as the price suffered a sharp decline and started trading near the $22,350 level. The support base was formed before the coin started a fresh increase above the $22,800 level. The price gained bullish momentum above the $23,200 resistance level and settled above the 100 hourly simple moving average with a break above the key bearish trend line with resistance close to the $23,200 on the hourly price chart of the pair.
BTC climbed above the $23,500 resistance level and traded close to the $24,000 resistance while a new high was formed close to $24,044 and the price is facing hurdles near the $24,000. BTC is now trading near the 23.6% fib retracement level from the wave of the $22,359 swing low to the $24,044 high with the major support forming near $23,500 on the 100 hourly simple moving average. There’s also a connecting bullish trend line forming with the support near the $23,200 level as it coincides with the 50% fib retracement level from the recent wave of the $22,359 swing low to the $24,044 high. More downsides below the trend line support will lead the price towards $22,350 support.
If BTC remains stable above these levels, there are chances of an upside break with the initial resistance on the upside being the $24,000 level. the next major resistance is nearing the $24,250 level with a close above the $24,250 level being able to start another pump and the price will likely rise towards the $25K in the near-term. The hourly MACD for the pair is losing momentum in the bullish zone while the RSI for the pair is well above the 50 level.
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