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Bitcoin value gained tempo and traded above $23,000. BTC is consolidating positive factors and would possibly begin one other enhance in direction of $23,500.

• Bitcoin traded to a brand new yearly excessive at $23,428 earlier than it began a draw back correction.
• The value is buying and selling above $22,000 and the 100 hourly easy transferring common.
• There is a serious bullish pattern line forming with help close to $22,000 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair might begin a contemporary enhance if it stays above the $22,000 help zone.

Bitcoin Price Eyes Additional Gains

Bitcoin value began a serious enhance above the $21,500 resistance zone. BTC gained tempo and even broke the $22,000 resistance zone, just like ethereum at $1,550.

The value surged above the $22,500 stage and settled nicely above the 100 hourly easy transferring common. It traded to a brand new yearly excessive at $23,428 and lately began a minor draw back correction. There was a minor transfer beneath the $23,000 stage.

Bitcoin value declined beneath the 23.6% Fib retracement stage of the upward transfer from the $20,395 swing low to $24,248 excessive. However, the value remains to be buying and selling above $22,000 and the 100 hourly simple moving average.

There can be a serious bullish pattern line forming with help close to $22,000 on the hourly chart of the BTC/USD pair. An quick resistance is close to the $23,000 stage. The subsequent main resistance is close to the $23,200 zone, above which the value would possibly achieve bullish momentum.

Source: BTCUSD on TradingView.com

In the said case, the value might maybe rise in direction of the $23,500 stage. Any extra positive factors would possibly ship btc value in direction of the $24,500 stage.

Downside Correction in BTC?

If bitcoin value fails to clear the $23,000 resistance, it might proceed to maneuver down. An quick help on the draw back is close to the $22,400 zone.

The subsequent main help is close to the $22,000 zone and the pattern line. It is near the 50% Fib retracement stage of the upward transfer from the $20,395 swing low to $24,248 excessive, beneath which the value would possibly achieve bearish momentum and take a look at $21,200. Any extra losses would possibly ship the value to $20,500 within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now shedding tempo within the bearish zone.

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

Major Support Levels – $22,400, adopted by $22,000.

Major Resistance Levels – $23,000, $23,200 and $23,500.