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 area.
- Bitcoin is trading in a range above the $22,500-$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 major bearish trend line with resistance near $23,200 on the hourly chart of the BTC/USD pair (data feed by Kraken).
- The pair needs to clear the $23,500 resistance area for it to start a steady rise in the near term.
Bitcoin price is facing major hurdles
Bitcoin price remained above the key support areas near the $22,400 and $22,500 levels. The price started a decent climb above the $22,800 and $22,950 levels.
There was an upward move that allowed the price to scale above the $23,000 level and the 100 hourly simple moving average. The price surpassed the 50% Fib retracement level of the bullish move from the $23,477 high to $22,755 low.
Also, there was a break above a major 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 at TradingView.com
It is struggling near the 76.4% Fib retracement level of the pullback from the $23,477 high to $22,755 low. The next major resistance is near the $23,500 area. A steady rise is likely to start above the $23,500 resistance area. In the alleged case, the price is likely to surpass the $24,500 resistance area.
BTC down move?
If bitcoin fails to clear the $23,500 resistance area, it could start a downside correction. On the downside, the immediate support is near the $23,100 level.
The next major support is now near the $22,750 level. Below the $22,750 level, it might start a move towards the $22,500 level. Further losses could propel the price towards the $22,000 level.
Hourly MACD – The MACD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Key support level – $23,100 followed by $22,750.
Key resistance levels – $23,500, $24,200 and $24,500.