TA: Bitcoin Price Eyes Upside Break, Why BTC Could Surge to $23K
June 23 2022 - 11:08PM
NEWSBTC
Bitcoin is showing positive signs above the $20,500 zone against
the US Dollar. BTC could rally if there is a clear move above the
$21,250 resistance zone. Bitcoin remains well supported above the
$20,000 and $20,500 levels. The price is now above the $20,500
level and the 100 hourly simple moving average. There was a break
above a major bearish trend line with resistance near $20,450 on
the hourly chart of the BTC/USD pair (data feed from Kraken). The
pair could gain bullish momentum if it clears the $21,250 and
$21,650 resistance levels. Bitcoin Price Could Gain Pace Bitcoin
price started a downside correction below the $20,500 level. There
was also a move below the $20,000 level, but the price was stable
near the $19,750 zone. A low was formed near $19,750 and the price
started fresh. BTC was able to clear the $20,000 and $20,500
resistance levels. Besides, there was a break above a major bearish
trend line with resistance near $20,450 on the hourly chart of the
BTC/USD pair. The pair climbed above the 50% Fib retracement level
of the downward move from the $21,698 swing high to $19,750 low.
Bitcoin is now above the $20,500 level and the 100 hourly simple
moving average. An immediate resistance on the upside is near the
$21,250 level. It is near the 76.4% Fib retracement level of the
downward move from the $21,698 swing high to $19,750 low. The next
key resistance is near the $21,650 level. A clear move above the
$21,650 level might start a decent increase. Source: BTCUSD on
TradingView.com The next major resistance sits near the $22,200
level, above which the bulls might gain strength for a move towards
the $23,000 resistance zone. Fresh Decline in BTC? If bitcoin fails
to clear the $21,250 resistance zone, it could start another
decline. An immediate support on the downside is near the $20,600
level and the 100 hourly SMA. The first major support is near the
$20,000 level. The main support is now near the $19,750 level. A
downside break below the $19,750 support could put a lot of
pressure on the bulls in the near term. In the stated case, the
price might slide towards the $18,500 level. 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 – $20,600, followed by
$20,000. Major Resistance Levels – $21,250, $21,650 and $23,000.
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