Bitcoin Price Could Rally If There Is A Close Above This Key Resistance


Bitcoin price remained supported above the $22,650 level against the US Dollar. BTC could rise if there is a clear move above the $23,500 resistance area.

  • Bitcoin is trading in a range above the $22,500 level which is the $23,500 level.
  • The price is now trading above the $23,000 level and the 100 hourly simple moving average.
  • There was a break above the major downtrend line with resistance near $23,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must cross the $23,500 resistance to start a steady increase in the near term.

Bitcoin price faces a major barrier

Bitcoin price remains above A Main support area It is near the $22,400 and $22,500 levels. The price started a nice increase above the $22,800 and $22,950 levels.

The upward movement was such that the price rose above $23,000 and Simple moving average per 100 hours. The price has breached the 50% Fib retracement level of the downside move from the $23,477 swing high to $22.755.

Besides, there was a break above the major downtrend line with resistance near $23,200 on the hourly chart of the BTC/USD pair. The pair is now trading near the $23,300 level.

Bitcoin price

Source: BTCUSD on TradingView.com

It is struggling near the 76.4% Fib retracement level of the downward move from the $23,477 swing high to $22.755. The next major resistance is near the $23,500 area. A close above the $23,500 resistance area could start a steady increase. In the mentioned case, the price may rise to break the $24,500 resistance.

Broken downside in bitcoin?

If Bitcoin fails to clear the $23,500 resistance area, it may start a downside correction. There is immediate support on the downside near the $23,100 level.

The next major support is now near the $22,750 level. A close below $22,750 may start a move towards $22,500. Any further losses could send the price towards the $22,000 level.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

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

Key Support Levels – $23,100, followed by $22,750.

The main resistance levels are $23,500, $24,200 and $24,500.



Leave a Comment

Your email address will not be published.