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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price Recovery Could Soon Fade If ETH Fails To Surpass $23K

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Bitcoin price is attempting a recovery wave above the $22,250 resistance. BTC is rising, but it might face hurdles near the $23,000 resistance zone.

  • Bitcoin is attempting a recovery wave above the $22,250 resistance zone.
  • The price is trading above $22,250 and the 100 hourly simple moving average.
  • There was a break above a major bearish trend line with resistance near $22,420 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct higher, but upsides might be capped near the $23,000 zone.

Bitcoin Price Upsides Capped

Bitcoin price found support near the $22,000 support zone. A base is formed and BTC price is slowly moving higher above the $22,250 resistance zone.

There was a move above the $22,400 level. The price is rising above the 23.6% Fib retracement level of the downward move from the $23,977 swing high to $22,000 low. Besides, there was a break above a major bearish trend line with resistance near $22,420 on the hourly chart of the BTC/USD pair.

Bitcoin price is now trading above $22,250 and the 100 hourly simple moving average. An immediate resistance is near the $22,780 level. The next major resistance is near the $22,850 zone. The main barrier is now near the $23,000 zone. It is close to the 50% Fib retracement level of the downward move from the $23,977 swing high to $22,000 low.

Bitcoin Price

Source: BTCUSD on TradingView.com

A close above the $23,000 resistance might start a decent increase towards the $23,500 resistance zone. The next key resistance is near the $23,850 zone, above which the price might rally.

Fresh Decline in BTC?

If bitcoin price fails to clear the $22,780 resistance and $23,000, it could start another decline. An immediate support on the downside is near the $22,500 zone.

The next major support is near the $22,200 zone, below which the bears might aim a retest of $22,000. The next major support is near the $21,200 level. In the stated case, there is a risk of a move towards the $20,500 support zone in the coming sessions.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $22,200, followed by $22,000.

Major Resistance Levels – $22,780, $22,850 and $23,000.

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Aayush Jindal
Aayush Jindal

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.

Read more

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.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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