Bitcoin Price Recovers Ground But This Resistance Is The Key For Upside

Bitcoin price is rising and trading above $23,000. BTC could gain bullish momentum if there is a clear move above the $23,500 resistance zone.

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• Bitcoin is correcting losses and trading above the $23,000 support zone.
• The price is trading above $23,000 and the 100 hourly simple moving average.
• There was a break above a crucial bearish trend line with resistance near $23,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could rise further and move into a bullish zone if it clears the $23,500 resistance.
  
  
  Bitcoin Price Forms Decent Support
  
  
  Bitcoin price remained well bid above the $22,500 support. A base was formed above $22,500 and BTC started a decent recovery wave. There was a clear move above the $22,800 and $23,000 resistance levels.
  
  There was also a break above a crucial bearish trend line with resistance near $23,000 on the hourly chart of the BTC/USD pair. The pair climbed above the 23.6% Fib retracement level of the key decline from the $24,282 swing high to $22,599 low.
  
  Bitcoin price is trading above $23,000 and the 100 hourly simple moving average. An immediate resistance is near the $23,450 zone. It is near the 50% Fib retracement level of the key decline from the $24,282 swing high to $22,599 low.
  
  

The next major resistance is near the $23,500 zone. A clear move above the $23,500 resistance might start a steady increase. In the  stated case, the price may perhaps jump towards the $24,000 level. The next resistance could be near the $24,250 level, above which btc price might rise towards the $25,000 resistance zone.

Dips Supported in BTC?

If bitcoin price fails to clear the $23,500 resistance, it could start another downside correction. An immediate support on the downside is near the $23,000 zone and the 100 hourly simple moving average.
The next major support is near the $22,800 zone. A downside break below the $22,800 zone might send the price towards the $22,600 zone. Any more losses might call for a test of the $22,500 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $23,000, followed by $22,800.
Major Resistance Levels – $23,450, $23,500 and $24,000.