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

Aayush Jindal

1 year ago

2 mins read

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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.

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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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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