Bitcoin gained ground above the $23,000 resistance against the US Dollar. BTC could rise further towards $24,000 if it stays above the $22,750 support.
- Bitcoin climbed over 5% and there was a move above the $23,000 resistance zone.
- The price is now trading above the $22,750 level and testing the 100 hourly simple moving average.
- A major bullish trend line is forming with support near $22,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might continue higher if it breaks through the $23,500 and $22,750 levels.
The price of Bitcoin begins a new increase
Bitcoin price started a decent increase after managing to settle above the $22,000 resistance zone. BTC accelerated for a move above the $23,000 resistance level.
The price even broke above the $23,500 level and settled above the 100 hourly simple moving average. A high was formed near $23,782 and the price is now consolidating its gains. There was a slight downward correction below the $23,500 level.
Bitcoin traded below the 23.6% Fib retracement level of the upward movement from the low of $21,403 to the high of $23,782. However, the bulls were active near the $23,000 support zone.
A major bullish trend line is also forming with support near $22,750 on the hourly chart of the BTC/USD pair. On the upside, bitcoin price may face resistance near the $23,500 level. The next key resistance is near the $23,750 area.
Source: BTCUSD on TradingView.com
A close above the $23,750 resistance zone could set the tone for more upside. In the indicated case, the price could possibly rise towards the $24,000 level. The next major resistance is seen near the $24,500 level.
Dips supported in BTC?
If bitcoin fails to clear the $23,500 resistance zone, it could trigger a downward correction. An immediate support on the downside is near the $23,000 level.
The next major support now lies near the $22,750 level and the trendline area. It is also near the 50% Fib retracement level of the upward move from the low from the $21,403 low to $23,782 high. A clear move below the trendline support could send the price towards $21,500.
Hourly MACD – The MACD is now accelerating into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Main support levels – $22,750, followed by $22,500.
Main resistance levels – $23,500, $23,750 and $24,000.