BTC / USD
66,532.82
3.79%
(+2427.1)
ETH / USD
3,686.27
5.91%
(+205.81)
XRP / USD
0.64
1.17%
(+0.01)
LTC / USD
89.60
0.96%
(-0.86)
EOS / USD
1.10
3.32%
(-0.04)
BCH / USD
443.59
2.15%
(-9.77)
ADA / USD
0.76
2.99%
(-0.02)
XLM / USD
0.15
4.55%
(+0.01)
NEO / USD
18.11
0.01%
(0)
XEM / USD
0.05
3.28%
(0)
DASH / USD
40.40
2.92%
(+1.15)
USDT / USD
1.00
0.01%
(0)
BNB / USD
418.51
0.3%
(+1.25)
QTUM / USD
5.45
2.15%
(-0.12)
XVG / USD
0.01
10.86%
(0)
ONT / USD
0.33
0.54%
(-0)
ZEC / USD
33.95
4.94%
(+1.6)
STEEM / USD
0.30
0.23%
(-0)

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

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

  • Bitcoin is trading in a range above the $22,500 level 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 a key bearish trend line with resistance near $23,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must clear the $23,500 resistance to start a steady increase in the near term.

Bitcoin Price Faces Key Barrier

Bitcoin price remained above a major support zone near the $22,400 and $22,500 levels. The price started a decent increase above the $22,800 and $22,950 levels.

The upward move was such that the price climbed above the $23,000 level and the 100 hourly simple moving average. The price surpassed the 50% Fib retracement level of the downward move from the $23,477 swing high to $22,755 low.

Besides, there was a break above a key bearish trend 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.

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 low. The next key resistance is near the $23,500 zone. A close above the $23,500 resistance zone could start a steady increase. In the stated case, the price may perhaps rise clear the $24,500 resistance.

Downside Break in BTC?

If bitcoin fails to clear the $23,500 resistance zone, it could start a downside correction. An immediate support on the downside is near the $23,100 level.

The next major support now sits near the $22,750 level. A close below the $22,750 level might start a move towards $22,500. Any more losses might send the price towards $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.

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

Major Resistance Levels – $23,500, $24,200 and $24,500.

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