TA: Bitcoin Price Could Rally Again If It Stays Above This Key Support

Bitcoin started a downside correction from the $24,000 resistance against the US Dollar. BTC is finding bids near $22,500 and might start a fresh increase. Bitcoin started a downside correction and traded below the $23,000 level. The price is now trading above the $22,000 level and testing the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $22,750 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might continue to rise if it stays above $22,500 and the 100 hourly SMA. Bitcoin Price Remains Supported Bitcoin price gained pace and spiked above the $24,000 resistance zone. However, the bears appeared near $24,250. A high was formed near $24,264 and the price started a downside correction. There was a move below the $24,000 and $23,500 levels. The price declined below the 38.2% Fib retracement level of the upward move from the $20,769 swing low to $24,264 high. Besides, there was a spike below the $23,000 level. Bitcoin found support near the $22,500 zone and the 100 hourly simple moving average. It started a decent upward move and climbed above $23,000. There was a break above a key bearish trend line with resistance near $22,750 on the hourly chart of the BTC/USD pair. On the upside, bitcoin price could face resistance near the $23,440 level. The next key resistance is near the $23,880 zone. Source: BTCUSD on TradingView.com A close above the $23,88...