Bitcoin gained momentum above the $23,000 resistance to the US Dollar. BTC may rise to $24,000 if it remains above the $22,750 support.
- Bitcoin rose above 5%, and the resistance zone of $23,000 was breached.
- The price is trading at $22,750 and testing the 100 hourly simple moving mean.
- On the hourly chart for the BTC/USD pair, there is a bullish trend line with support close to $22,750 (data feed Kraken).
- If the pair reaches $23,500 and $22,750, it could continue rising.
Bitcoin price starts to rise
The Bitcoin price saw a significant increase once it crossed the $22,000 threshold. BTC moved above the $23,000 resistance zone, gaining momentum.
The price broke the $23,500 mark and settled above the 100-hourly simple moving average. The high was near $23,782, and the price is consolidating gains. A minor correction was seen below $23,500.
Bitcoin traded below the 23.6% Fib Retracement level of Bitcoin’s upward movement from the $21,403 swing low, to the $23,782 high. However, bulls were active at the $23,000 support level.
A major bullish trendline is also in place with support close to $22,750 on hourly charts of the BTC/USD currency pair. The upside is that bitcoin could come up against resistance at $23,500. The $23,750 level is the next major resistance.
Source: BTCUSD on TradingView.com
If the resistance zone is crossed at or close to $23,750, it could open the door for further upsides. The price could rise to the $24,000 mark in the above scenario. The $24,500 mark is the next major resistance.
If bitcoin fails the $23,500 resistance zone it could trigger a downward correction. The $23,000 level is a support area for the downside.
The trend line zone and the $22,750 level are the next major support levels. It is also within the 50% Fib level of the upward swing from the $21,403 swing high to $23,782 low. A clear break below the trendline support could push the price towards $21,500.
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.