Bitcoin Rallies to $24,668 High as It Challenges to Breach the Overhead Resistance

Aug 12, 2022 at 08:22 // Price
Coin Idol
BTC price rose to the highs of $24,276 and $24,736

Bitcoin (BTC) price has made positive moves in the last 24 hours after breaking through the overriding resistance of $24,000.

In the previous two attempts, the BTC price rose to the highs of $24,276 and $24,736, but was rejected. The largest cryptocurrency sank above the moving average lines. Today, the BTC price has risen to $24,668 (at the time of writing). 

Should the bulls overcome the high of $24,736, Bitcoin could rise to the high of $28,000. In the same vein, the bullish momentum will extend to the high of $32,000. In the meantime, it is not clear whether Bitcoin will turn away from the overriding resistance. As usual, the market will fall above the moving average lines if Bitcoin deviates from it. However, if the bears break below the moving average lines, Bitcoin will fall to the low of $20,724.

Bitcoin indicator reading

Meanwhile, Bitcoin is at level 62 of the Relative Strength Index for period 14, indicating that Bitcoin is in an uptrend as it has broken above the overriding resistance. The market will reach the overbought zone when the RSI reaches the level of 70. Nevertheless, the BTC price is above the 80% area of the daily stochastic. This indicates that the market is already in an overbought condition. The 21-day line SMA and the 50-day line SMA are pointing upwards, indicating an uptrend.

BTCUSD(Daily Chart) - August 11.png

Technical Indicator:        

Key Resistance Zones: $30,000, $35,000, $40,000

Key Support Zones: $25,000, $20,000, $15,000 

What is the next direction for BTC?

Bitcoin has resumed its uptrend and is trying to overcome the upper resistance of $24,000. This will be the third time that the bulls will retest the overhead resistance. The cryptocurrency will resume its upward momentum once it is broken.

BTCUSD(Daily Chart 2) - August 11.png

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.

Show comments(0 comments)