Bitcoin price remained well supported above the $22,300 zone. BTC is rising and could be aiming for a fresh rise above the $23,500 resistance zone.
- Bitcoin started a minor bearish correction and tested the $22,400 support zone.
- The price is trading above $22,500 and the 100 hourly simple moving average.
- A key bullish trend is forming with support near $22,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- If it clears the $23,500 resistance zone, the pair could start a fresh rally.
Another rise in the price of Bitcoin
Bitcoin price rose above the $22,500 resistance zone. BTC traded well above the $23,000 level before facing sellers near the $23,500 zone. There was a minor bearish correction from the $23,400 zone, viz Ethereum.
Before the price was as high as $23,428. Correction of negative aspect. There was a move below the $23,000 level. The price even rose to a $24,249 high from the $20,396 swing low below the 23.6% Fib retracement level of the uptrend.
However, the price is more stable than $22,500 and the 100 hourly simple moving average. There is also a key bullish trend with support near $22,100 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
An immediate resistance is near the $23,200 level. The next major resistance is near the $23,400 zone, above which the price may gain bullish momentum. In the described case, the price might even rise above the $23,500 level. The next hurdle could be near the $24,200 level. Any further gains could send the BTC price towards the $25,000 level.
Correcting the recent decline in BTC?
If Bitcoin price fails to break the $23,400 resistance, it could start another bearish correction. Immediate support on the downside is near the $22,700 zone.
The next major support is near the $22,100 zone and trendline, below which it could test the 50% Fib retracement level of the uptrend from the $20,396 swing low to the $24,249 high. Further losses could send the price towards $21,500 in the near term.
Technical indicators:
Hourly MACD – The MACD is now trending upward in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $22,700, followed by $22,100.
Major resistance levels – $23,200, $23,400 and $23,500.
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