Will Bitcoin (BTC) continue its rally? Master Analyst Explained
Bitcoin has launched a short-term downward correction after its move, rising as high as $ 23,715. The price is now around $ 23,000, well above the 100-hour simple moving average.
According to analyst Aayush Jindal, the hourly chart of the BTC/USD pair broke above a key triangle of resistance close to $ 22,850. The pair are likely to continue their upward movement as long as they are above the $ 22,350 support zone.
Bitcoin Price Builds Support Base
Yesterday, there was a big upward movement in the price of Bitcoin above the resistance of $ 20,000. BTC rose over 20% and even broke the $ 22,000 resistance level. The upward movement accelerated above the $ 23,000 level, with the price well above the 100-hour simple moving average.
The price rose to $ 23,715, an all-time high before beginning a downward correction. It was a break below the $ 23,000 and $ 22,800 levels. But the Bulls were able to keep the price from falling below $ 22,000.
A drop of around $ 22,263 occurred, and the price began to form a base above $ 22,350. It rose above the $ 22,500 and $ 22,600 levels. On the hourly chart of BTC / USD, there was also a break on a significant triangle formation with resistance close to $ 22,850. Bitcoin’s price is currently struggling to stay above the $ 23,000 level.
Initial key resistance is close to $ 23,160. A successful close above the $ 23,160 level could open the doors for a new increase towards the $ 23,700 and $ 24,000 levels in the near term.
Negative Levels Supported In BTC
If Bitcoin launches another short-term downward correction, it could find support near the $ 22,500 level. The initial base support is close to $ 22,350.
A downward break below the $ 22,350 support base could possibly trigger a prolonged downgrade. In the stated case, the price may even fall below the support level of $ 22,000.
- Hourly MACD: MACD is likely to return to bullish territory.
- Hourly RSI (relative strength index): the RSI for BTC / USD is currently well above the 50 level.
- Major support levels: $ 22,500, followed by $ 22,350.
- Main resistance levels: $ 23,000, $ 23,160 and $ 23,700.