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

Aayush Jindal

1 year ago

2 mins read

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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.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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