Bitcoin price stayed supported above the $22,650 level versus the United States Dollar. BTC could rally if there is a clear relocation above the $23,500 resistance zone.
- Bitcoin is trading in a variety above the $22,500 level the $23,500 level.
- The price is now trading above the $23,000 level and the 100 per hour basic moving average.
- There was a break above a key bearish pattern line with resistance near $23,200 on the per hour chart of the BTC/USD set (information feed from Kraken).
- The set should clear the $23,500 resistance to begin a stable boost in the near term.
Bitcoin Price Faces Key Barrier
Bitcoin price stayed above a significant assistance zone near the $22,400 and $22,500 levels. The price began a good boost above the $22,800 and $22,950 levels.
The upward relocation was such that the price climbed up above the $23,000 level and the 100 per hour basic moving average. The price went beyond the 50% Fib retracement level of the down relocation from the $23,477 swing high to $22,755 low.
Besides, there was a break above a key bearish pattern line with resistance near $23,200 on the per hour chart of the BTC/USD set. The set is now trading near the $23,300 level.
Source: BTCUSD on TradingView.com
It is having a hard time near the 76.4% Fib retracement level of the down relocation from the $23,477 swing high to $22,755 low. The next key resistance is near the $23,500 zone. A close above the $23,500 resistance zone could begin a stable boost. In the specified case, the price might maybe increase clear the $24,500 resistance.
Downside Break in BTC?
If bitcoin stops working to clear the $23,500 resistance zone, it could begin a drawback correction. An instant assistance on the disadvantage is near the $23,100 level.
The next significant assistance now sits near the $22,750 level. A close listed below the $22,750 level may begin a relocation towards $22,500. Any more losses may send out the price towards $22,000 level.
Hourly MACD – The MACD is now acquiring speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $23,100, followed by $22,750.
Major Resistance Levels – $23,500, $24,200 and $24,500.