Bitcoin price remains well supported above the $22,300 zone. BTC is rising and may be aiming for a new rally above the $23,500 resistance zone.
- Bitcoin started a small downward correction and tested the $22,400 support zone.
- The price is trading above $22,500 and the hourly moving average is 100.
- There is a key bullish trend line formed with support near $22,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a new rally if it clears the $23,500 resistance zone.
Bitcoin Price Eyes Increase more
Bitcoin price rose above the $22,500 resistance zone. BTC even traded above the $23,000 level before facing sellers near the $23,500 zone. There was a small downward correction from the $23,400 zone, similar to ethereum.
The price traded up to $23,428 before a downward correction. There is a move below the $23,000 level. The price even fell below the 23.6% Fib retracement level of the upward wave from the $20,396 swing to the $24,249 high.
However, the price is stable above $22,500 and the hourly moving average is 100. There is also a key bullish trend line formed with support near $22,100 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
Immediate resistance is near the $23,200 level. The next major resistance is near the $23,400 zone, above which the price can gain bullish momentum. In that case, the price may rise and even clear the $23,500 level. The next resistance could be near the $24,200 level. Another gain could send the btc price to the $25,000 level.
New Downside Correction in BTC?
If the price of bitcoin fails to clear the $23,400 resistance, it could start another downside correction. Immediate support at the bottom near the $22,700 zone.
The next major support is near the $22,100 zone and the trend line, below which it can test the 50% Fib retracement level of the upward wave from the $20,396 swing to the $24,249 high. Any further losses could send the price towards $21,500 in the near term.
Technical indicators:
Hourly MACD – MACD is currently gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.
Key Support Level – $22,700, followed by $22,100.
Key Resistance Levels – $23,200, $23,400 and $23,500.