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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
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TA: Bitcoin Price Could Rally If There Is A Close Above This Key Resistance

Aayush Jindal by Aayush Jindal
1 year ago
in BTC
Reading Time: 2 mins read

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.

Bitcoin Price

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.

Tags: bitcoinbtcusdBTCUSDTxbtusd
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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