NewsBTC 2022-08-09 03:28:33

TA: Bitcoin Price Holds Support, Why BTC Might Attempt Fresh Increase

Bitcoin price gained pace above the $23,500 resistance against the US Dollar. BTC could start a fresh increase if it stays above the $23,500 pivot level. Bitcoin started a decent increase above the $23,500 level. The price is now trading above the $23,500 level and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $23,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must clear the $24,000 resistance to start a fresh increase in the near term. Bitcoin Price Remains Supported Bitcoin price was stable above the $23,000 and $23,200 levels. The price formed a base above the $23,200 level and started a fresh increase. There was a clear move above the $23,500 resistance zone. The bulls were able to push the price above the $24,000 resistance zone and there was a close above the 100 hourly simple moving average. There was a spike above the $24,200 level. A high was formed near $24,285 and the price is now correcting lower. There was a break below the $24,000 level. Bitcoin price dipped below the 23.6% Fib retracement level of the upward move from the $22,845 swing low to $24,285 high. However, the price remained stable above the $23,600 level. There is also a key bullish trend line forming with support near $23,500 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com On the upside, an immediate resistance is near the $24,000 level. The n...

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