Bitcoin price generates gains of $ 23,000 and over $ 23,200 against the US Dollar. BTC is showing positive signs and seems to be preparing for further bullishness above $ 24,000. Bitcoin is trading nicely above the $ 23,000 and $ 23,200 support levels.

The price is currently trading around $ 23,800 and is well above the 100 hourly simple moving average.

There is a key bullish trend line formed with support near $ 23,080 on the hourly chart of the BTC / USD pair.

The pair is likely to continue to rise above $ 24,000 and $ 24,200 in the coming sessions.

Bitcoin price looking more bullish

Over the past 2-3 sessions, there have been mostly sporadic movements in bitcoin price above the $ 23,000 support. BTC seems to be forming a strong support base around $ 23,000, $ 23,200 and the 100 hourly simple moving average.

The recent low was formed around $ 23,078 before the price climbed above $ 23,500. There is also a key bullish trend line formed with support around $ 23,080 on the hourly chart of the BTC / USD pair.

However, the price appears to be facing a resistance near the $ 23,800 level. A clear break above the $ 23,800 zone could open the doors for more gains towards $ 24,000 and $ 24,080.

The next key resistance for Bitcoin is near the $ 24,300 level, above which the price is likely to rise towards the $ 24,500 and $ 24,600 levels in the coming sessions.

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If there are bearish movements in BTC

If Bitcoin starts another short-term downside correction, it could find support near the $ 23,500 level. The first major support is near the $ 23,200 level.

The main support is formed near the $ 23,000 level and the 100 hourly simple moving average. It may require a daily close below the support at $ 23,000 and an extended downside correction of the 100 hourly simple moving average. The next major support could be near the $ 22,350 level.

Technical indicators

  • Hourly MACD – The MACD is slowly gaining momentum in the bullish zone.
  • Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently well above the 50 level.
  • Support Levels – $ 23,200 followed by $ 23,000.
  • Resistance Levels – $ 23,800, $ 24,000 and $ 24,300.

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