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

Bitcoin gained tempo above the $22,000 resistance towards the US Greenback. BTC might rise additional in direction of $23,000 if it stays above the $21,500 help.

• Bitcoin is up over 5% and there was a transfer above the $22,000 resistance zone.
• The value is now buying and selling above the $21,800 degree and testing the 100 hourly easy transferring common.
• There’s a key connecting bullish pattern line forming with help close to $21,800 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair may proceed to rise if it clears the $22,500 and $22,600 ranges.

Bitcoin Value Good points Momentum

Bitcoin worth remained supported above the $20,500 zone. The value began an honest enhance and was in a position to clear the $21,500 resistance zone.

The bulls even pumped the worth above the $22,000 resistance zone. The value traded as excessive as $22,766 and settled above the 100 hourly easy transferring common. Lately, there was a draw back correction beneath the $22,500 degree.

Bitcoin dipped beneath the 50% Fib retracement degree of the upward transfer from the $20,748 swing low to $22,766 excessive. Nonetheless, the bulls had been energetic close to the $21,500 help zone and the 100 hourly easy transferring common.

The value stayed above the 61.8% Fib retracement degree of the upward transfer from the $20,748 swing low to $22,766 excessive. There may be additionally a key connecting bullish pattern line forming with help close to $21,800 on the hourly chart of the BTC/USD pair.

On the upside, bitcoin worth might resistance close to the $22,500 degree. The subsequent key resistance is close to the $22,750 zone. A detailed above the $22,750 resistance zone might set the tempo for extra upsides. Within the acknowledged case, the worth might maybe rise in direction of the $23,000 degree. The subsequent main resistance sits close to the $23,500 degree.

Dips Supported in BTC?

If bitcoin fails to clear the $22,500 resistance zone, it might begin a draw back correction. A right away help on the draw back is close to the $21,800 degree.

The subsequent main help now sits close to the $21,500 degree and the 100 hourly SMA. A transparent transfer beneath the $21,500 help may ship the worth in direction of $20,500.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bullish zone.

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

Main Help Ranges – $21,800, adopted by $21,500.

Main Resistance Ranges – $22,500, $22,750 and $23,000.