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.
