Bitcoin price started a fresh upward move from the $22,300 support zone against the US Dollar.
The price is now trading well above $23,000 and the 55 simple moving average (4-hours).
There is a key rising channel forming with support near $22,800 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
The pair is likely to continue higher if it clears the $24,000 and $24,200 resistance levels.
Bitcoin price is currently showing bullish signs above $23,000 against the US Dollar. BTC could rally further if it manages to settle above $24,000 in the near term.
Bitcoin Price Analysis
In the past few days, bitcoin price saw a couple of swing moves above $22,000 against the US Dollar. BTC remained well bid and it climbed above $23,300 and $24,000. A high was formed near $24,071 before it started a fresh downside correction.
The price is currently trading well above $23,000 and the 55 simple moving average (4-hours). It is correcting below the 23.6% Fib retracement level of the recent upward wave from the $22,381 swing low to $24,071 high.
On the downside, the first major support is near the $23,320 level. It is close to the 50% Fib retracement level of the recent upward wave from the $22,381 swing low to $24,071 high. The next major support below $23,200 is near the $23,000 level.
There is also a key rising channel forming with support near $22,800 on the 4-hours chart of the BTC/USD pair. If there is a downside break below the channel support near the $22,800 level, there is a risk of more downsides.
The next key support is near the $22,320 swing low, below which the price could dive towards the $21,500 level. On the upside, the $23,600 and $23,750 levels are initial hurdles. The main resistance is forming near the $24,200 level.
A successful close above the $24,000 level, with a follow up move above the $24,200 level could open the doors for a larger increase. The next major stop for the bulls may possibly be near the $25,000 level.
Looking at the chart, bitcoin price is clearly trading nicely above $23,000 and the 55 simple moving average (4-hours). Overall, the price is likely to continue higher if it clears the $24,000 and $24,200 resistance levels.
4 hours MACD – The MACD is slowly losing pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is still well above the 50 level.
Key Support Levels – $23,000 and $22,800.
Key Resistance Levels – $23,750, $24,000 and $24,200.
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