Bitcoin price is struggling to clear the $24,500 resistance zone. BTC needs to clear the $24,500 resistance and the 100 hourly SMA to start a decent move higher.
- Bitcoin is still struggling to clear the $24,500 resistance zone.
- The price is trading below $24,500 and the 100 hourly simple moving average.
- There is a new bearish trend line forming with resistance near $24,120 on the hourly chart of the BTC/USD pair (data feed by Kraken).
- The pair could rise steadily if it surpasses the 100 hourly SMA and $24,500.
Bitcoin price is consolidating below $24,500
Bitcoin price attempted a fresh increase above the $24,200 resistance. BTC even surged above the $24,500 resistance zone, the 100 hourly simple moving average.
However, there was no continuation of the uptrend above $24,500. A high was formed at $24,602 and the price fell again. There was a sharp decline below $24,000 and the price retested the $23,600 support zone. A low is formed near $23,615 and the price is now consolidating.
Bitcoin price is trading below $24,500 and the 100 hourly simple moving average. There is also a new bearish trend line forming with resistance near $24,120 on the hourly chart of the BTC/USD pair.
Immediate resistance is near the trendline zone and $24,100. It is near the 50% Fib retracement level of the recent decline from the $24,602 high to $23,615 low. The first major resistance is still near the $24,500 zone and the 100 hourly simple moving average.
The next major resistance could be $24,840 or the 1.236 Fib extension level of the recent drop from the $24,602 high to the $23,615 low. A clear move above the $24,840 resistance could send the price towards the key $25,000 resistance zone.
Source: BTCUSD on TradingView.com
A close above the $25,000 resistance could set the pace for a decent move higher. In the mentioned case, the price could perhaps rally towards the $26,200 level.
More losses on BTC?
If bitcoin price fails to clear the $24,500 resistance, it might continue lower. Immediate support on the downside is near the $23,600 zone.
The next major support is near the $23,500 zone. If there is a downside break, the price could drop towards $22,000. The next major support is near $21,500.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Key support levels – $23,600 followed by $23,500.
Major resistance levels – $24,120, $24,500 and $25,000.
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