Will Bitcoin (BTC) Continue Its Rally?

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Bitcoin started a short-term downside correction after its ascending move to $ 23,715. The price is currently around $ 23,000 and well above the 100 hourly simple moving average. There was a break above a key triangle with resistance near $ 22,850 on the hourly chart of the BTC / USD pair, according to analyst Aayush Jindal. The pair looks set to continue its upward movement as long as it is above the $ 22,350 support zone.

Bitcoin Price Creates Support Base

Yesterday, there was a massive upward move above the $ 20,000 resistance in bitcoin price. BTC rose above 20% and even broke the $ 22,000 resistance level. The upward move gained pace above the $ 23,000 level, and the price moved well above the 100 hourly simple moving average. A decline occurred around $ 22,263, and the price began to form a base above $ 22,350. It climbed above the $ 22,500 and $ 22,600 levels. There was also a break above a key triangle formation with resistance near $ 22,850 on the BTC / USD pair’s hourly chart. Bitcoin price is currently struggling to stay above the $ 23,000 level. The first key resistance is near the $ 23,160 level. A successful close above the $ 23,160 level could open the doors for another increase towards the $ 23,700 and $ 24,000 levels in the near term.

Negative Levels Supported in BTC

If Bitcoin starts another short-term downside correction, it could find support near the $ 22,500 level. Initial major support is near the $ 22,350 level. A downside break below the $ 22,350 support floor could trigger a prolonged decline. In the stated situation, the price could even drop below the $ 22,000 support level.

Technical Indicators

Hourly MACD: The MACD is likely to return to its bullish zone.

Hourly RSI (Relative Strength Index): The RSI for BTC / USD is currently well above the 50 levels.

Major Support Levels: $ 22,500 followed by $ 22,350.

Major Resistance Levels: $ 23,000, $ 23,160 and $ 23,700.

P.S: This is not investment advice.

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