BTC / USD
23,309.82
0.49%
(-115.09)
ETH / USD
1,653.43
0.74%
(+12.12)
XRP / USD
0.41
0.63%
(-0)
LTC / USD
98.64
0.28%
(+0.28)
EOS / USD
1.10
1.2%
(+0.01)
BCH / USD
136.75
0.61%
(-0.84)
ADA / USD
0.40
0.15%
(0)
XLM / USD
0.09
0.44%
(0)
NEO / USD
8.86
0.45%
(+0.04)
XEM / USD
0.04
1.49%
(0)
DASH / USD
61.74
0.16%
(+0.1)
USDT / USD
1.00
0%
(0)
BNB / USD
328.72
1.69%
(+5.47)
QTUM / USD
2.79
1.82%
(+0.05)
XVG / USD
0.00
0.35%
(-0)
ONT / USD
0.22
2.93%
(+0.01)
ZEC / USD
46.38
1.09%
(+0.5)
STEEM / USD
0.21
6.44%
(+0.01)

Bitcoin Bulls Keeps Pushing, Why BTC Price Increase Isn’t Over Yet

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Bitcoin price gained pace and traded above $23,000. BTC is consolidating gains and might start another increase towards $23,500.

  • Bitcoin traded to a new yearly high at $23,428 before it started a downside correction.
  • The price is trading above $22,000 and the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $22,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a fresh increase if it stays above the $22,000 support zone.

Bitcoin Price Eyes Additional Gains

Bitcoin price started a major increase above the $21,500 resistance zone. BTC gained pace and even broke the $22,000 resistance zone, similar to ethereum at $1,550.

The price surged above the $22,500 level and settled well above the 100 hourly simple moving average. It traded to a new yearly high at $23,428 and recently started a minor downside correction. There was a minor move below the $23,000 level.

Bitcoin price declined below the 23.6% Fib retracement level of the upward move from the $20,395 swing low to $24,248 high. However, the price is still trading above $22,000 and the 100 hourly simple moving average.

There is also a major bullish trend line forming with support near $22,000 on the hourly chart of the BTC/USD pair. An immediate resistance is near the $23,000 level. The next major resistance is near the $23,200 zone, above which the price might gain bullish momentum.

Source: BTCUSD on TradingView.com

In the stated case, the price may perhaps rise towards the $23,500 level. Any more gains might send btc price towards the $24,500 level.

Downside Correction in BTC?

If bitcoin price fails to clear the $23,000 resistance, it could continue to move down. An immediate support on the downside is near the $22,400 zone.

The next major support is near the $22,000 zone and the trend line. It is close to the 50% Fib retracement level of the upward move from the $20,395 swing low to $24,248 high, below which the price might gain bearish momentum and test $21,200. Any more losses might send the price to $20,500 in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

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

Major Support Levels – $22,400, followed by $22,000.

Major Resistance Levels – $23,000, $23,200 and $23,500.

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