Bitcoin value remained properly supported above the $22,300 zone. BTC is rising and would possibly intention a contemporary enhance above the $23,500 resistance zone.
- Bitcoin began a minor draw back correction and examined the $22,400 assist zone.
- The value is buying and selling above $22,500 and the 100 hourly easy shifting common.
- There is a key bullish development line forming with assist close to $22,100 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair might begin a contemporary surge if it clears the $23,500 resistance zone.
Bitcoin Price Eyes Another Increase
Bitcoin value gained tempo above the $22,500 resistance zone. BTC even traded above the $23,000 stage earlier than it confronted sellers close to the $23,500 zone. There was a minor draw back correction from the $23,400 zone, just like ethereum.
The value traded as excessive as $23,428 earlier than there was a downside correction. There was a transfer beneath the $23,000 stage. The value even dipped beneath the 23.6% Fib retracement stage of the upward wave from the $20,396 swing low to $24,249 excessive.
However, the worth is steady above $22,500 and the 100 hourly easy shifting common. There can also be a key bullish development line forming with assist close to $22,100 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
An fast resistance is close to the $23,200 stage. The subsequent main resistance is close to the $23,400 zone, above which the worth would possibly acquire bullish momentum. In the said case, the worth could maybe rise even clear the $23,500 stage. The subsequent hurdle may very well be close to the $24,200 stage. Any extra positive aspects would possibly ship btc value in the direction of the $25,000 stage.
Fresh Downside Correction in BTC?
If bitcoin value fails to clear the $23,400 resistance, it might begin one other draw back correction. An fast assist on the draw back is close to the $22,700 zone.
The subsequent main assist is close to the $22,100 zone and the development line, beneath which it might take a look at the 50% Fib retracement stage of the upward wave from the $20,396 swing low to $24,249 excessive. Any extra losses would possibly ship the worth to $21,500 within the close to time period.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 stage.
Major Support Levels – $22,700, adopted by $22,100.
Major Resistance Levels – $23,200, $23,400 and $23,500.
