Bitcoin price is struggling to clear the $24,500 resistance zone. BTC must clear the $24,500 resistance and the 100 hourly SMA to start a decent increase.
- Bitcoin is still struggling to clear the $24,500 resistance zone.
- The price is trading below $24,500 and the 100 hourly simple moving average.
- There is a new bearish trend line forming with resistance near $24,120 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise steadily if it clears the 100 hourly SMA and $24,500.
Bitcoin Price Consolidates Below $24,500
Bitcoin price attempted a fresh increase above the $24,200 resistance. BTC even spiked above the $24,500 resistance zone the 100 hourly simple moving average.
However, there was no upside continuation above $24,500. A high was formed near $24,602 and the price declined again. There was a sharp decline below $24,000 and the price retested the $23,600 support zone. A low is formed near $23,615 and the price is now consolidating.An immediate resistance is near the trend line zone and $24,100. It is near the 50% Fib retracement level of the recent decline from the $24,602 swing high to $23,615 low. The first major resistance is still near the $24,500 zone and the 100 hourly simple moving average.
The next major resistance might $24,840 or the 1.236 Fib extension level of the recent decline from the $24,602 swing high to $23,615 low. A clear move above the $24,840 resistance might send the price towards the key $25,000 resistance zone.