Bitcoin price surged and traded above $23,000. BTC is consolidating gains and could start another rally towards $23,500.
- Bitcoin traded at a new yearly high of $23,428 before starting a negative correction.
- The price is trading above $22,000 and above the 100 hourly simple moving average.
- A major bullish trend line is forming with support near $22,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could initiate a fresh rally if it stays above the $22,000 support zone.
Bitcoin price additional benefits eyes
Bitcoin price started a big rally above the $21,500 resistance zone. BTC gained momentum and even broke the $22,000 resistance zone, viz Ethereum At $1,550.
The price broke above the $22,500 level and settled well above the 100 hourly simple moving average. It traded at a new yearly high at $23,428 and recently started a minor bearish correction. There was a minor move below the $23,000 level.
Bitcoin price moved higher after falling below the 23.6% Fib retracement level. However, the price is still trading above $22,000. 100 hourly simple moving average.
A major bullish trend line is also 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 may gain bullish momentum.
Source: BTCUSD on TradingView.com
In the described case, the price might move towards the $23,500 level. Any further gains could send the BTC price to the $24,500 level.
Downside correction in BTC?
If the price of Bitcoin fails to break the $23,000 resistance, it may continue to move lower. Immediate support on the downside is near the $22,400 zone.
The next major support is near the $22,000 zone and the trendline. It is close to the 50% Fib retracement level of the upside from the $20,395 swing low to the $24,248 high, below which the price could accelerate bearish momentum and test $21,200. Further losses could send the price towards $20,500 in the near term.
Technical indicators:
Hourly MACD – MACD is now losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $22,400, followed by $22,000.
Key resistance levels – $23,000, $23,200 and $23,500.
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