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Bitcoin value remained supported above the $22,650 stage towards the US Dollar. BTC might rally if there’s a clear transfer above the $23,500 resistance zone.

• Bitcoin is buying and selling in a variety above the $22,500 stage the $23,500 stage.
• The value is now buying and selling above the $23,000 stage and the 100 hourly easy shifting common.
• There was a break above a key bearish development line with resistance close to $23,200 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair should clear the $23,500 resistance to start out a gradual improve within the close to time period.

Bitcoin Price Faces Key Barrier

Bitcoin value remained above a major support zone close to the $22,400 and $22,500 ranges. The value began an honest improve above the $22,800 and $22,950 ranges.

The upward transfer was such that the value climbed above the $23,000 stage and the 100 hourly simple moving average. The value surpassed the 50% Fib retracement stage of the downward transfer from the $23,477 swing excessive to $22,755 low.

Besides, there was a break above a key bearish development line with resistance close to $23,200 on the hourly chart of the BTC/USD pair. The pair is now buying and selling close to the $23,300 stage.

Source: BTCUSD on TradingView.com

It is struggling close to the 76.4% Fib retracement stage of the downward transfer from the $23,477 swing excessive to $22,755 low. The subsequent key resistance is close to the $23,500 zone. A shut above the $23,500 resistance zone might begin a gradual improve. In the acknowledged case, the value could maybe rise clear the $24,500 resistance.

Downside Break in BTC?

If bitcoin fails to clear the $23,500 resistance zone, it might begin a draw back correction. An speedy help on the draw back is close to the $23,100 stage.

The subsequent main help now sits close to the $22,750 stage. A shut beneath the $22,750 stage may begin a transfer in direction of $22,500. Any extra losses may ship the value in direction of $22,000 stage.

Technical indicators:

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

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

Major Support Levels – $23,100, adopted by $22,750.

Major Resistance Levels – $23,500, $24,200 and $24,500.