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

Bitcoin gained tempo above the $22,000 resistance in opposition to the US Greenback. BTC may rise additional in the 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 value is now buying and selling above the $21,800 stage and testing the 100 hourly easy transferring common.
  • There’s a key connecting bullish pattern 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 Features Momentum

Bitcoin value remained supported above the $20,500 zone. The value began a good enhance 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 value traded as excessive as $22,766 and settled above the 100 hourly easy transferring common. Not too long ago, 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 transferring common.

The value 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 pattern line forming with help close to $21,800 on the hourly chart of the BTC/USD pair.

On the upside, bitcoin value may resistance close to the $22,500 stage. The following key resistance is close to the $22,750 zone. A detailed above the $22,750 resistance zone may set the tempo for extra upsides. Within the acknowledged case, the value could maybe rise in the 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 may begin a draw back correction. A direct 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 the direction of $20,500.

Technical indicators:

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

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

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

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

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