Bitcoin advanced above the $23,000 resistance level against the US Dollar. BTC may rise towards $24,000, if the support of $22,750 is maintained.
- Bitcoin rose above 5%, and the resistance level of $23,000 was breached.
- The price has traded above the $22,750 mark and is currently testing the simple moving average of 100 hours.
- On the hourly chart for the BTC/USD pair, there is an important bullish trendline with support close to $22,750 (datafeed from Kraken).
- It is possible that the pair will continue its rise if it reaches $23,500 and $25,750.
Bitcoin price starts to rise
The Bitcoin price saw a significant increase once it crossed the $22,000 threshold. BTC surged to move higher than the $23,000 resistance.
It even crossed the $23,500 threshold and broke above the 100 hourly simple movement average. The price reached a high of $23,782 near the top and is consolidating its gains. A minor correction was seen below $23,500.
Bitcoin was trading below the 23.6% Fib Retracement level for the upward movement from the $21,403 swing high to the $23,782 low. The bulls were still active in the $23,000 support area.
On the hourly chart for the BTC/USD pair, there is a bullish trend line that forms with support at $22,750. The upside is that bitcoin could encounter resistance around the $23,500 area. Next is the $23,750 area.
Source: BTCUSD at TradingView.com
The pace could be set for greater upsides if the price closes above the $23,750 resistance level. The price could rise to the $24,000 mark in the above scenario. Next comes resistance at the $24,500 mark.
BTC Supported Dips
A downside correction could occur if bitcoin does not clear the $23,500 barrier. Support for the downside lies near $23,000.
Now, the next significant support is located near the trendline zone and $22,750 levels. The Fib Retracement Level of the Upward Move from $21,403 low to $23,782 high is close by. The price could reach $21,500 if it moves below trendline support.
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 – $22,750, followed by $22,500.
Major Resistance Levels – $23,500, $23,750 and $24,000.