TA: Bitcoin Price Holds Support, Why BTC Might Attempt Fresh Increase
August 08 2022 - 11:28PM
NEWSBTC
Bitcoin price gained pace above the $23,500 resistance against the
US Dollar. BTC could start a fresh increase if it stays above the
$23,500 pivot level. Bitcoin started a decent increase above the
$23,500 level. The price is now trading above the $23,500 level and
the 100 hourly simple moving average. There is a key bullish trend
line forming with support near $23,500 on the hourly chart of the
BTC/USD pair (data feed from Kraken). The pair must clear the
$24,000 resistance to start a fresh increase in the near term.
Bitcoin Price Remains Supported Bitcoin price was stable above the
$23,000 and $23,200 levels. The price formed a base above the
$23,200 level and started a fresh increase. There was a clear move
above the $23,500 resistance zone. The bulls were able to push the
price above the $24,000 resistance zone and there was a close above
the 100 hourly simple moving average. There was a spike above the
$24,200 level. A high was formed near $24,285 and the price is now
correcting lower. There was a break below the $24,000 level.
Bitcoin price dipped below the 23.6% Fib retracement level of the
upward move from the $22,845 swing low to $24,285 high. However,
the price remained stable above the $23,600 level. There is also a
key bullish trend line forming with support near $23,500 on the
hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com
On the upside, an immediate resistance is near the $24,000 level.
The next key resistance is near the $24,200 zone. A close above the
$24,200 resistance zone could start a steady increase. In the
stated case, the price may perhaps rise clear the $25,000
resistance. Downside Break in BTC? If bitcoin fails to clear the
$24,000 resistance zone, it could start a downside correction. An
immediate support on the downside is near the $23,600 level. The
next major support now sits near the $23,500 level. It is near the
50% Fib retracement level of the upward move from the $22,845 swing
low to $24,285 high. A close below the $23,500 level might start a
move towards $23,000. Any more losses might send the price towards
$22,500 level. Technical indicators: Hourly MACD – The MACD is now
gaining pace in the bullish zone. Hourly RSI (Relative Strength
Index) – The RSI for BTC/USD is now above the 50 level. Major
Support Levels – $23,600, followed by $23,500. Major Resistance
Levels – $24,000, $24,200 and $24,500.
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