Bitcoin Price Smashes Resistance, Why $23k Could Be Next

Bitcoin gained tempo above the $22,000 resistance towards the US Greenback. BTC might rise additional in direction of $23,000 if it stays above the $21,500 help.

  • Bitcoin is up over 5% and there was a transfer above the $22,000 resistance zone.
  • The worth is now buying and selling above the $21,800 stage and testing the 100 hourly easy shifting common.
  • There’s a key connecting bullish development line forming with help close to $21,800 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair would possibly proceed to rise if it clears the $22,500 and $22,600 ranges.

Bitcoin Value Positive aspects Momentum

Bitcoin worth remained supported above the $20,500 zone. The worth began a good improve and was in a position to clear the $21,500 resistance zone.

The bulls even pumped the value above the $22,000 resistance zone. The worth traded as excessive as $22,766 and settled above the 100 hourly easy shifting common. Just lately, there was a draw back correction beneath the $22,500 stage.

Bitcoin dipped beneath the 50% Fib retracement stage of the upward transfer from the $20,748 swing low to $22,766 excessive. Nonetheless, the bulls have been energetic close to the $21,500 help zone and the 100 hourly easy shifting common.

The worth stayed above the 61.8% Fib retracement stage of the upward transfer from the $20,748 swing low to $22,766 excessive. There may be additionally a key connecting bullish development line forming with help close to $21,800 on the hourly chart of the BTC/USD pair.

Bitcoin Price

On the upside, bitcoin worth might resistance close to the $22,500 stage. The following key resistance is close to the $22,750 zone. An in depth above the $22,750 resistance zone might set the tempo for extra upsides. Within the acknowledged case, the value might maybe rise in direction of the $23,000 stage. The following main resistance sits close to the $23,500 stage.

Dips Supported in BTC?

If bitcoin fails to clear the $22,500 resistance zone, it might begin a draw back correction. An instantaneous help on the draw back is close to the $21,800 stage.

The following main help now sits close to the $21,500 stage and the 100 hourly SMA. A transparent transfer beneath the $21,500 help would possibly ship the value in direction of $20,500.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bullish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now above the 50 stage.

Main Assist Ranges – $21,800, adopted by $21,500.

Main Resistance Ranges – $22,500, $22,750 and $23,000.

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