Bitcoin Climbs Above $23,812 And Sets Its Sights On The Next Resistance Level

Bitcoin (BTC) has continued to move in the right direction despite entering the overbought area of the market.

Bitcoin price long term forecast: bullish

Bitcoin traded and climbed to a high of $23,812 yesterday, but was stopped out. Had buyers managed to break through the $24,000 resistance, the BTC price would have reached a high of $25,212. As the BTC price fell below the current resistance level, it failed to break through the $24,000 resistance. The cryptocurrency value fell to a low above $22,920 before consolidating again. The BTC price will continue to move in a range below the resistance level. The BTC/USD price has been hovering between $22,300 and $23,000 since January 21. If the bears break below the $22,300 support, the selling pressure will increase and reach the $21,000 support.

Bitcoin indicator display 

The Relative Strength Index for period 14 shows that Bitcoin is in a small retracement at level 79. Bitcoin’s overbought area is still present, and a decline is still possible. The price bars are well above the moving average, indicating a potential rise in the value of the cryptocurrency. Below the daily stochastic level of 50, Bitcoin is moving in a bearish direction. The downward momentum is shaky. The moving average lines are currently pointing north.

Technical indicators:

Key resistance levels – $30,000 and $35,000

Key support levels – $20,000 and $15,000

What is the next direction for BTC/USD?

Being in a range, Bitcoin cannot move above the support line. As buyers try to continue the upward movement above the resistance level, the cryptocurrency asset is trapped in a small range. If buyers manage to break above the resistance at $23,000 and $24,000, Bitcoin will reach the next price level at $25,212.

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing in funds.

Source: Read Full Article