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Bitcoin Price Analysis: BTC Aim Fresh High Above $24,200

Summary:
Bitcoin price started a fresh upward move from the ,300 support zone against the US Dollar.The price is now trading well above ,000 and the 55 simple moving average (4-hours).There is a key rising channel forming with support near ,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 ,000 and ,200 resistance levels.Bitcoin price is currently showing bullish signs above ,000 against the US Dollar. BTC could rally further if it manages to settle above ,000 in the near term.Bitcoin Price AnalysisIn the past few days, bitcoin price saw a couple of swing moves above ,000 against the US Dollar. BTC remained well bid and it climbed above ,300 and ,000. A high was formed near ,071 before it

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  • 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.

Bitcoin Price

Bitcoin Price

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.

Technical indicators

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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