Bitcoin price extended its rise and traded over $ 24,000 against the US Dollar. BTC is currently correcting lower and could find strong support near $ 23,000 or $ 22,780.

Bitcoin moved higher and rose to an all-time high above the $ 24,000 level.

The price is currently correcting below $ 23,500. However, it ranks well above the 100 simple moving average.

There was a break above a key contract triangle with resistance near $ 23,100 on the 4-hour chart of the BTC / USD pair.

The pair is likely to find strong buying interest near $ 23,000 or $ 22,780.

Where does the bitcoin price go?

Over the past few days, there has been a steady increase in bitcoin price over the $ 20,000 resistance against the US dollar. The BTC / USD pair overcame many hurdles around $ 22,000 and $ 23,000 to prolong its rally.

During the recent rise, there was a break above a key contract triangle with resistance near $ 23,100 on the 4-hour chart of the BTC / USD pair. The pair climbed above the $ 24,000 resistance and settled well above the 100 simple moving average (4 hours).

The all-time high was formed around $ 24,260 and the price is currently correcting at a lower level. There was a break below the $ 23,500 support level.

Bitcoin is approaching several key supports near the $ 23,000 level. The next major support is near the $ 22,780 level. Further losses could lower the price to $ 22,320 or even $ 22,000.

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Once the current correction wave in Bitcoin is complete, a new increase could begin at $ 23,000 or $ 22,000. An initial resistance on the upside is near the $ 23,650 level.

The first major resistance is near the $ 24,000 level. An open break above the $ 24,000 resistance level could open the doors for a new all-time high above $ 24,260.

Technical indicators

  • 4-hour MACD – The MACD for BTC / USD is slowly losing momentum in the bullish zone.
  • 4 hours RSI (Relative Strength Index) – The RSI for BTC / USD drops towards the 60 level.
  • Support Level – $ 23,000.
  • Resistance Level – $ 24,000.

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