32 C
Dubai
Monday, May 27, 2024
HomeBitcoin NewsBitcoin Price Analysis: BTC Dips Might Be Attractive

Bitcoin Price Analysis: BTC Dips Might Be Attractive

Date:

Related stories

  • Bitcoin price started a fresh decline from the $25,200 zone against the US Dollar.
  • The price is now trading above $24,000 and the 55 simple moving average (4-hours).
  • There was a break below a key contracting triangle with support near $24,250 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair could start a fresh increase if it stays above the $23,400 support zone.

Bitcoin price is declining below $24,500 against the US Dollar. BTC might eye another increase if the bulls remain active above the $23,400 zone.

Bitcoin Price Analysis

Bitcoin price started a fresh decline from the $25,200 resistance zone. A high was formed near $25,288 before the price started a downside correction. There was a clear move below the $24,800 and $24,500 support levels.

There was a move below the $24,200 level. Besides, there was a break below a key contracting triangle with support near $24,250 on the 4-hours chart of the BTC/USD pair. The pair declined below the 23.6% Fib retracement level of the upward move from the $21,366 swing low to $25,288 high.

It is now trading above $24,000 and the 55 simple moving average (4-hours). An immediate resistance on the upside is near the $24,400 level.

The next major resistance might near the $24,750 zone. A clear move above the $24,750 level might send the price towards $25,200, above which the price might rise towards the $26,000 level. Any more gains might push the price towards the $27,500 zone.

If there is no upside break, the price might continue to decline below the $24,000 level. The first major support is near $23,400. It is near the 50% Fib retracement level of the upward move from the $21,366 swing low to $25,288 high.

The next key support is near the $22,850 level, below which the price might accelerate lower. In the stated case, the price could decline towards the $21,500 level. Any more losses might send the price towards the $20,500 level.

Bitcoin Price
Bitcoin Price

Looking at the chart, bitcoin price is clearly trading above $24,000 and the 55 simple moving average (4-hours). Overall, the price could start a fresh increase if it stays above the $23,400 support zone.

Technical Indicators

4 hours MACD – The MACD is now gaining momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI is now below the 50 level.

Key Support Levels – $23,400 and $22,850.

Key Resistance Levels – $24,400, $24,750 and $25,200.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

Subscribe

Latest stories