Bitcoin price remained well supported above the $22,300 zone. BTC is rising and might aim a fresh increase above the $23,500 resistance zone.
Bitcoin started a minor downside correction and tested the $22,400 support zone.
The price is trading above $22,500 and the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $22,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a fresh surge if it clears the $23,500 resistance zone.
Bitcoin price gained pace above the $22,500 resistance zone. BTC even traded above the $23,000 level before it faced sellers near the $23,500 zone. There was a minor downside correction from the $23,400 zone, similar to ethereum.
The price traded as high as $23,428 before there was a downside correction. There was a move below the $23,000 level. The price even dipped below the 23.6% Fib retracement level of the upward wave from the $20,396 swing low to $24,249 high.
However, the price is stable above $22,500 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $22,100 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
An immediate resistance is near the $23,200 level. The next major resistance is near the $23,400 zone, above which the price might gain bullish momentum. In the stated case, the price may perhaps rise even clear the $23,500 level. The next hurdle could be near the $24,200 level. Any more gains might send btc price towards the $25,000 level.
If bitcoin price fails to clear the $23,400 resistance, it could start another downside correction. An immediate support on the downside is near the $22,700 zone.
The next major support is near the $22,100 zone and the trend line, below which it could test the 50% Fib retracement level of the upward wave from the $20,396 swing low to $24,249 high. Any more losses might send the price to $21,500 in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $22,700, followed by $22,100.
Major Resistance Levels – $23,200, $23,400 and $23,500.
—
Blog powered by G6
Disclaimer! A guest author has made this post. G6 has not checked the post. its content and attachments and under no circumstances will G6 be held responsible or liable in any way for any claims, damages, losses, expenses, costs or liabilities whatsoever (including, without limitation, any direct or indirect damages for loss of profits, business interruption or loss of information) resulting or arising directly or indirectly from your use of or inability to use this website or any websites linked to it, or from your reliance on the information and material on this website, even if the G6 has been advised of the possibility of such damages in advance.
For any inquiries, please contact [email protected]
