Bitcoin price has gained momentum and is trading above $23,000. BTC is consolidating gains and may begin further growth towards $23,500.
- Bitcoin traded to a fresh one-year high of $23,428 before starting a downward correction.
- The price is trading above $22,000 and the 100 hourly simple moving average.
- A major bullish trendline is forming with support near $22,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start to rise again if it stays above the $22,000 support zone.
Bitcoin price tracks further gains
The price of Bitcoin started to rise significantly above the $21,500 resistance zone. BTC picked up momentum and even broke the $22,000 resistance zone, similar to ethereum for $1,550.
The price soared above the $22,500 level and settled well above the 100 hourly simple moving average. It traded to a new annual high of $23,428 and recently started a minor downward correction. There was a minor move below the $23,000 level.
Bitcoin price fell below the 23.6% Fib retracement level on the move up from $20,395 to a high of $24,248. However, the price is still trading above $22,000 and 100 hour simple moving average.
A major bullish trendline is also forming on the hourly chart of the BTC/USD pair with support near $22,000. Immediate resistance is near the $23,000 level. Another major resistance is near the $23,200 zone, above which the price could gain bullish momentum.
Source: BTCUSD on TradingView.com
In the said case, the price can probably rise to the level of $23,500. Any further gains could send the BTC price towards the $24,500 level.
Fixing downsides in BTC?
If the Bitcoin price fails to break the $23,000 resistance, it may continue to decline. Immediate downside support is near the $22,400 zone.
Another major support is near the $22,000 zone and the trend line. It is near the 50% Fib retracement level of the move up from the $20,395 swing low to $24,248, below which the price could gain bearish momentum and test $21,200. Any further losses could send the price to $20,500 in the near term.
Technical indicators:
Hourly MACD – MACD is now losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – RSI for BTC/USD is now above the 50 level.
Major support levels – $22,400, followed by $22,000.
Major resistance levels – $23,000, $23,200 and $23,500.
