MEXCBitcoin Price Analysis: Will BTC Price Able To Add More Gains Above $24,000?
The Bitcoin price analysis shows a positive outlook for the day. The largest cryptocurrency by the market cap started the new series on a lower note as it remained pressured below the highs of July 30 at $$24,672.87. The price tested the reliable support around $22,650 multiple times. Even, in today’s session, the BTC price tested the same support level. But recovered sharply above $23,500.
On the four chart, the BTC price is displaying some bullish moves. But, the upside is capped near the $24,190 level. Hence, in the short-term BTC consolidate in the price range of $22,600 to $24,200.
It would be interesting to find out the directional bet of the breakout of the trading range.
As of writing, BTC/USD is exchanging hands at $23,509, up 2.36% for the day. According to the CoinMarketCap data, the largest cryptocurrency by the market cap holds the 24-hour trading volume at $26,881,814,757 with a loss of 8%.
BTC price extends consolidation
BTC price is trading along the ascending trend line from the lows of $20,730. After retracing from the swing highs of $24,666, the price takes well to support the critical 20-day and 50-day EMA crossover. As a result, the price manages to trade above the $23,500 level.
We expect BTC to hit the upper range of the defined trade range of $22,600 and $24,200 on the four-hour chart. More upside gains are possible if fresh buying emerges near the upper trading level. In that case, the next upside target for BTC buyers would be $26,000.
On the other hand, a break below $22,950 would mark the breach of the bullish trend line. Next, the stoppage would be $22,600 for the bears.
The RSI (14) holds above the average line with a bullish bias. Currently, it reads at 53.
Another momentum oscillator, the Moving Average Convergence (MACD) hovers just below the midline but in a good attempt to cross. An increasing bullish momentum as indicated by the histogram signaling a favorable situation for the bulls.
On the hourly time frame, the price formed a “Double Bottom pattern” indicating strong support near the lower levels. According to this pattern, if the price breaches the neckline above the $23,520 mark with good volumes, then the BTC price might test the $23,900 to $24,100 resistance zone.
On the other hand, a break below the $22,650 level could invalidate the bullish outlook. And the price can slide up to $22,100.
BTC/USD has often witnessed large price swings, gaining meaningful follow-through action once a clear direction has formed.
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