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

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

Bitcoin gained pace above the $22,000 resistance against the US Dollar. BTC could rise further towards $23,000 if it stays above the $21,500 support.

  • Bitcoin is up over 5% and there was a move above the $22,000 resistance zone.
  • The price is now trading above the $21,800 level and testing the 100 hourly simple moving average.
  • There is a key connecting bullish trend line forming with support near $21,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair might continue to rise if it clears the $22,500 and $22,600 levels.

Bitcoin Price Gains Momentum

Bitcoin price remained supported above the $20,500 zone. The price started a decent increase and was able to clear the $21,500 resistance zone.

The bulls even pumped the price above the $22,000 resistance zone. The price traded as high as $22,766 and settled above the 100 hourly simple moving average. Recently, there was a downside correction below the $22,500 level.

Bitcoin dipped below the 50% Fib retracement level of the upward move from the $20,748 swing low to $22,766 high. However, the bulls were active near the $21,500 support zone and the 100 hourly simple moving average.

The price stayed above the 61.8% Fib retracement level of the upward move from the $20,748 swing low to $22,766 high. There is also a key connecting bullish trend line forming with support near $21,800 on the hourly chart of the BTC/USD pair.

On the upside, bitcoin price could resistance near the $22,500 level. The next key resistance is near the $22,750 zone. A close above the $22,750 resistance zone could set the pace for more upsides. In the stated case, the price may perhaps rise towards the $23,000 level. The next major resistance sits near the $23,500 level.

Dips Supported in BTC?

If bitcoin fails to clear the $22,500 resistance zone, it could start a downside correction. An immediate support on the downside is near the $21,800 level.

The next major support now sits near the $21,500 level and the 100 hourly SMA. A clear move below the $21,500 support might send the price towards $20,500.

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 – $21,800, followed by $21,500.

Major Resistance Levels – $22,500, $22,750 and $23,000.

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