BTC Retest Support Zone; Will Hit $24,000 Next?

HashFlare


Published 51 mins ago

The Bitcoin price analysis shows the prices are currently consolidating near the $21,500 level. The BTC/USD pair is currently trading at $21,454, an upside of $0.9%. The market bias is neutral to bullish, and prices are expected to rise above the $22,000 support level in the short term.

BTC price prints modest gains following consolidation in the previous session.
The bulls manage to hold the critical support level at around $21,000.
A daily candlestick above the 20-day EMA at $21,700 would bring more gains.

BTC price analysis indicates that the recent corrective pullback seems to be exhausted, and the bulls are back in control. The market is expected to bounce back as the bulls attempt to recapture the higher levels.

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BTC price consolidates

Source: Trading view

On the daily time frame, the price is making higher highs and higher lows. The price founds reliable support near 61.8% Fibonacci retracement, as from its recent impulse move.

A sustained buying momentum with fresh buying interest could push the price forward to its recent resistance of $22,490. The market participant would then look up to the swing high of $24,287.13.

On the other hand, if the price is not able to break above the 20-day exponential moving average (EMA) at $ 21,717 then the price might take a U-turn toward $20,000.

The RSI (14) reads below 40, indicating a sideways to a slightly positive trend. MACD lines are still above the zero line, showing a slightly positive structure.

1-hour chart points to a short-term upside

Source: Trading view

On the hourly time frame, the price is trading in a falling channel, forming a bullish impulse move. BTC found vital support near $21000 and bounced back.

BTC price formed an inverted ‘Head & Shoulder’ pattern and gave a breakout with good volumes. Right now, BTC is taking a retest of a bullish Head & Shoulder Pattern, and if the $21,500 level broke on the higher side, then we have more upside.

Conclusion:

BTC is showing bullish momentum in all time frames. Any downtick could be utilized for the higher levels

Support: $20,700

Resistance: $22,500

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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