- Bitcoin price started a fresh decline below the $24,000 zone against the US Dollar.
- The price is now trading below $24,000 and the 55 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $23,500 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair could start a fresh increase if it clears the $24,000 resistance zone.
Bitcoin price is recovering from $23,000 against the US Dollar. BTC might eye another increase if the bulls remain active above the $23,000 zone.
Bitcoin Price Analysis
Bitcoin price started a fresh decline below the $24,000 support zone. There was a clear move below the $23,800 and $23,500 support levels. The pair traded as low as $22,520 and recently started an upside correction.
There was a above the $23,250 resistance zone. Besides, there was a break above a major bearish trend line with resistance near $23,500 on the 4-hours chart of the BTC/USD pair. The pair is now trading below $24,000 and the 55 simple moving average (4-hours).
An immediate resistance on the upside is near the $23,900 level and the 55 simple moving average (4-hours). The next major resistance might near the $24,000 zone. It is near the 50% Fib retracement level of the downward move from the $25,288 swing high to $22,520 low.
The main resistance sits at $24,200 or the 61.8% Fib retracement level of the downward move from the $25,288 swing high to $22,520 low.
A clear move above the $24,200 level might send the price towards $25,000, above which the price might rise towards the $26,000 level. Any more gains might push the price towards the $27,500 zone.
If there is no upside break, the price might continue to decline below the $23,500 level. The first major support is near $23,200. The next key support is near the $22,550 level, below which the price might accelerate lower. In the stated case, the price could decline towards the $21,500 level.
Looking at the chart, bitcoin price is clearly trading below $24,000 and the 55 simple moving average (4-hours). Overall, the price could start a fresh increase if it clears the $24,000 resistance zone.
Technical Indicators
4 hours MACD – The MACD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Key Support Levels – $23,400 and $22,850.
Key Resistance Levels – $24,000, $24,200 and $25,200.
