Bitcoin price extended its rise and traded over $ 24,000 against the US Dollar. According to successful analyst Aayush Jindal, Bitcoin price is currently correcting lower and could find strong support around $ 23,000 or $ 22,780.
The bitcoin price rose further and rose to an all-time high above the $ 24,000 level.
The price is currently correcting below $ 23,500, but well above the 100 simple moving average (4 hours).
There was a break above a key contract triangle with resistance near $ 23,100 on the 4-hour chart of the BTC / USD pair (data feed from Kraken).
The pair is likely to find strong buying interest near $ 23,000 or $ 22,780.
Bitcoin price is currently correcting lows
Over the past few days, there has been a steady increase in bitcoin price over the $ 20,000 resistance against the US dollar. It crossed many hurdles around $ 22,000 and $ 23,000 to prolong the bitcoin price 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. The price even tested the 50% Fib retracement level of the recent increase from $ 22,320 to $ 24,260.
Here are the levels that the Bitcoin price can see in the coming days.
Bitcoin is approaching a few key supports near the $ 23,000 level, according to the analyst. The 61.8% Fib retracement level of the recent increase from $ 22,320 to $ 24,260 could also act as a support at $ 23,060. The next major support is near the $ 22,780 level, according to the analyst. More losses could lower the price to $ 22,320 or even $ 22,000, according to the analyst.
Once the current correction wave in Bitcoin is complete, a new increase could begin at $ 23,000 or $ 22,000. An initial upside resistance is near the $ 23,650 level, according to the analyst. The first major resistance is near the $ 24,000 level, according to the analyst. A clear break above the $ 24,000 resistance level could open the doors for a new all-time high above $ 24,260, according to the analyst.
Current view of Bitcoin price with 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 is falling towards the 60 level.
Major Support Level: $ 23,000 USD.
Major Resistance Level: $ 24,000 USD.
