Bitcoin began a recent improve above the $22,000 resistance zone in opposition to the US Dollar. BTC should clear $23,000 and $23,700 to proceed larger.
- Bitcoin began a recent improve after the fed hiked rates of interest by 75bps.
- The worth is now buying and selling above the $22,500 stage and the 100 hourly easy transferring common.
- There was a break above a significant bearish development line with resistance close to $21,800 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair should clear the $23,000 barrier to proceed larger within the close to time period.
Bitcoin Price Starts Fresh Increase
Bitcoin worth stayed above the $21,000 support zone. It fashioned a base above the $21,000 stage and began a recent improve. The latest fed rate of interest hike triggered a pointy upward transfer above the $22,000 resistance.
The worth was capable of clear the 50% Fib retracement stage of the important thing drop from the $23,744 swing excessive to $20,750 low. Besides, there was a break above a significant bearish development line with resistance close to $21,800 on the hourly chart of the BTC/USD pair.
Bitcoin worth is now buying and selling above the $22,500 stage and the 100 hourly simple moving average. It looks like the worth is going through a robust resistance close to the $23,000 zone.
Source: BTCUSD on TradingView.com
The 76.4% Fib retracement stage of the important thing drop from the $23,744 swing excessive to $20,750 low can be appearing as a resistance. The subsequent key resistance is close to the $23,750 zone. A detailed above the $23,750 resistance zone might set the tempo for a robust improve. In the said case, the worth might maybe rise in direction of the $24,500 stage. The subsequent main resistance sits close to the $25,000 stage.
More Losses in BTC?
If bitcoin fails to clear the $23,000 resistance zone, it might begin a draw back correction. An speedy assist on the draw back is close to the $22,500 stage.
The subsequent main assist now sits close to the $22,150 and $22,000 ranges. A detailed under the $22,000 assist zone may restart downtrend. In the said case, the worth may revisit the $21,000 assist within the close to time period.
Technical indicators:
Hourly MACD – The MACD is now dropping tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now within the overbought zone.
Major Support Levels – $22,500, adopted by $22,000.
Major Resistance Levels – $23,000, $23,550 and $23,750.
