Bitcoin worth gained tempo and traded above $23,000. BTC is consolidating beneficial properties and would possibly begin one other improve in the direction of $23,500.
- Bitcoin traded to a brand new yearly excessive at $23,428 earlier than it began a draw back correction.
- The worth is buying and selling above $22,000 and the 100 hourly easy shifting common.
- There is a significant bullish pattern line forming with assist close to $22,000 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair may begin a contemporary improve if it stays above the $22,000 assist zone.
Bitcoin Price Eyes Additional Gains
Bitcoin worth began a significant improve above the $21,500 resistance zone. BTC gained tempo and even broke the $22,000 resistance zone, just like ethereum at $1,550.
The worth surged above the $22,500 degree and settled nicely above the 100 hourly easy shifting common. It traded to a brand new yearly excessive at $23,428 and lately began a minor draw back correction. There was a minor transfer beneath the $23,000 degree.
Bitcoin worth declined beneath the 23.6% Fib retracement degree of the upward transfer from the $20,395 swing low to $24,248 excessive. However, the worth continues to be buying and selling above $22,000 and the 100 hourly simple moving average.
There can be a significant bullish pattern line forming with assist close to $22,000 on the hourly chart of the BTC/USD pair. An speedy resistance is close to the $23,000 degree. The subsequent main resistance is close to the $23,200 zone, above which the worth would possibly acquire bullish momentum.
Source: BTCUSD on TradingView.com
In the said case, the worth might maybe rise in the direction of the $23,500 degree. Any extra beneficial properties would possibly ship btc worth in the direction of the $24,500 degree.
Downside Correction in BTC?
If bitcoin worth fails to clear the $23,000 resistance, it may proceed to maneuver down. An speedy assist on the draw back is close to the $22,400 zone.
The subsequent main assist is close to the $22,000 zone and the pattern line. It is near the 50% Fib retracement degree of the upward transfer from the $20,395 swing low to $24,248 excessive, beneath which the worth would possibly acquire bearish momentum and take a look at $21,200. Any extra losses would possibly ship the worth to $20,500 within the close to time period.
Technical indicators:
Hourly MACD – The MACD is now shedding tempo within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 degree.
Major Support Levels – $22,400, adopted by $22,000.
Major Resistance Levels – $23,000, $23,200 and $23,500.
