TA: Bitcoin Price Aims Higher, Why BTC Could Surge Past $25K
August 14 2022 - 10:48PM
NEWSBTC
Bitcoin is gaining bullish momentum above $24,500 against the US
Dollar. BTC could gain bullish momentum if it clears the $25,000
resistance zone. Bitcoin started a fresh increase above the $24,200
resistance zone. The price is now trading above the $24,000 level
and the 100 hourly simple moving average. There is a key bullish
trend line forming with support near $24,400 on the hourly chart of
the BTC/USD pair (data feed from Kraken). The pair could gain
bullish momentum if there is a clear move above the $25,000
resistance. Bitcoin Price Gains Momentum Bitcoin price attempted a
fresh increase above the $24,500 resistance zone. BTC gained pace
for a move above the $24,800 level, with a close above the 100
hourly simple moving average. The price even spiked above the
$25,000 level. A high was formed near $25,045 before there was a
downside correction. There was a move below the $24,500 support
level. The price declined below the 50% Fib retracement level of
the upward move from the $23,600 swing low to $25,045 high.
However, the bulls were active near a key support at $24,200. The
61.8% Fib retracement level of the upward move from the $23,600
swing low to $25,045 high acted as a support. There is also a key
bullish trend line forming with support near $24,400 on the hourly
chart of the BTC/USD pair. Bitcoin price is now trading above the
$24,000 level and the 100 hourly simple moving average. Source:
BTCUSD on TradingView.com On the upside, an immediate resistance is
near the $24,800 level. The next key resistance is near the $25,000
zone. A close above the $25,000 resistance zone could start another
increase. In the stated case, the price may perhaps test the
$25,800 resistance. Any more gains might send the price towards the
$26,200 level. Dips Supported in BTC? If bitcoin fails to clear the
$25,000 resistance zone, it could start a downside correction. An
immediate support on the downside is near the $24,600 level. The
next major support now sits near the $24,500 level, the trend line,
and the 100 hourly SMA. If the bears push the price below the
$24,500 support level, there might be a move towards the $24,200
level. Any more losses might send the price towards $23,500 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 –
$24,500, followed by $24,200. Major Resistance Levels – $25,000,
$25,800 and $26,200.
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