(function() { var didInit = false; function initMunchkin() { if(didInit === false) { didInit = true; Munchkin.init('105-GAR-921'); } } var s = document.createElement('script'); s.type = 'text/javascript'; s.defer = true; s.src = '//munchkin.marketo.net/munchkin.js'; s.onreadystatechange = function() { if (this.readyState == 'complete' || this.readyState == 'loaded') { initMunchkin(); } }; s.onload = initMunchkin; document.getElementsByTagName('head')[0].appendChild(s); })();(function(h,o,t,j,a,r){ h.hj=h.hj||function(){(h.hj.q=h.hj.q||[]).push(arguments)}; h._hjSettings={hjid:1422437,hjsv:6}; a=o.getElementsByTagName('head')[0]; r=o.createElement('script');r.defer=1; r.src=t+h._hjSettings.hjid+j+h._hjSettings.hjsv; a.appendChild(r); })(window,document,'https://static.hotjar.com/c/hotjar-','.js?sv=');

Bitcoin Price Rally Turns Attractive on Dips

Article background

Aayush Jindal

Key Highlights

  • Bitcoin price is consolidating gains above the $23,000 support zone.
  • BTC broke a major key trend line at $22,200 on the 4-hours chart.
  • Gold price climbed higher above the $1,920 resistance zone.
  • EUR/USD declined heavily after it faced rejection near the 1.0750 resistance.

Bitcoin Price Technical Analysis

Bitcoin price found support near the $19,500 zone and started a fresh increase. BTC/USD broke the $22,000 resistance zone to move into a positive region.

Looking at the 4-hours chart, the price even cleared a major key trend line at $22,200. It opened the doors for a move above the $24,000 resistance zone, the 100 simple moving average (red, 4-hours), and the 200 simple moving average (green, 4-hours).

The price traded to a new monthly high at $26,510 and recently corrected gains. There was a move below the $25,000 support zone.

On the downside, an initial support sits near the $24,000 level. The main breakdown support sits near the $23,000 zone, the 100 simple moving average (red, 4-hours), and the 200 simple moving average (green, 4-hours).

If there is a downside break and close below $23,000, bitcoin might start another decline in the coming days. In the stated case, it could revisit the $22,000 support or even test $21,200.

On the upside, the price is facing resistance near the $25,300 resistance zone. A close above the $25,300 level may perhaps start another steady increase in the coming sessions.

In the stated case, the price could rise towards the $26,250 level. Any more gains could set the pace for a move towards the $27,000 level.

Economic Releases

  • US Initial Jobless Claims - Forecast 205K, versus 211K previous.
  • ECB Interest Rate on Deposits - Forecast 3%, versus 2.5% previous.
Great