Bitcoin worth began a draw back correction under $23,000. BTC is testing an vital assist and would possibly begin a contemporary improve in the direction of $23,500.
- Bitcoin began a draw back correction and declined under the $23,000 assist zone.
- The worth is buying and selling under $23,000 and the 100 hourly easy transferring common.
- There is a serious bullish development line forming with assist close to $22,400 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair might begin a contemporary improve if it stays above the $22,000 assist zone.
Bitcoin Price Tests Key Support
Bitcoin worth struggled to clear the $23,400 and $23,500 resistance levels. BTC began a draw back correction and traded under the $23,000 assist zone.
The worth declined under the 23.6% Fib retracement stage of the important thing improve from the $20,395 swing low to $24,250 excessive. The worth even spiked under the $22,500 assist stage. However, the bulls appeared close to the $22,200 assist zone.
There can be a serious bullish development line forming with assist close to $22,400 on the hourly chart of the BTC/USD pair. Bitcoin worth is now buying and selling under $23,000 and the 100 hourly easy transferring common.
An instant resistance is close to the $22,700 stage. The subsequent main resistance is close to the $22,850 zone or the 100 hourly easy transferring common, above which the price might gain bullish momentum. In the said case, the worth could maybe rise in the direction of the $23,200 stage.
Source: BTCUSD on TradingView.com
The subsequent resistance might be close to the $23,500 stage. Any extra beneficial properties would possibly ship btc worth in the direction of the $24,200 stage.
More Losses in BTC?
If bitcoin worth stays above the development line assist or $22,200, it might proceed to maneuver down. An instant assist on the draw back is close to the $22,000 zone.
The subsequent main assist is close to the $21,900 zone or the 50% Fib retracement stage of the important thing improve from the $20,395 swing low to $24,250 excessive. A draw back break under the $21,900 stage would possibly ship the worth in the direction of the $21,200 stage. 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 dropping tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now under the 50 stage.
Major Support Levels – $22,100, adopted by $22,000.
Major Resistance Levels – $22,700, $22,850 and $23,200.
