In relation to the US Dollar, Bitcoin began a new uptrend over the $22,000 barrier level. To move higher, BTC has to surpass $23,000 and $23,700.
- After the Fed raised interest rates by 75 basis points, bitcoin started to rise again.
- Ahead of both the $22,500 mark and the 100 hourly simple moving average, the price is now trading.
- On the hourly chart of the BTC/USD pair, there was a break over a significant negative trend line with resistance close to $21,800. (data feed from Kraken).
- In order to move higher in the foreseeable future, the couple must overcome the $23,000 hurdle.
Bitcoin Price Has Increased Again
The price of bitcoin remained above the $21,000 support region. Above $21,000, it established a base and began a new uptrend. A significant upward movement over the $22,000 barrier was brought on by the most recent Fed interest rate increase.
The price was able to break through the 50% Fib retracement level of the significant decline from the swing high of $23,744 to the low of $20,750. On the hourly chart of the BTC/USD pair, there was also a break over a significant negative trend line with resistance close to $21,800.
The price of bitcoin is currently trading higher above both the $22,500 mark and the 100 hourly simple moving average. The $23,000 area appears to be a significant barrier for the pricing.
Resistance is also present around the 76.4 percent Fib retracement level of the crucial decline from the swing high of $23,744 to the low of $20,750. Near the $23,750 region comes the next significant barrier. A closing above the $23,750 resistance area may signal the beginning of a significant climb. In the aforementioned scenario, the cost may increase to almost $24,500. The next significant barrier is located close to the $25,000 mark.
More Bitcoin losses?
The $23,000 barrier level represents a potential negative correction for bitcoin. Near $22,500 is immediate support on the downside.
The next significant support is now located between $22,150 and $22,000. If the $22,000 support zone is broken, the downward trend may resume. In the scenario given, the price may soon return to the $21,000 support.
Technical signs:
Hourly MACD: The MACD has started to slow down in the positive area.
Relative Strength Index (RSI) for BTC/USD on an hourly basis is now overbought.
$22,500 is the major support level, followed by $22,000.
Three significant resistance levels exist: $23,000, $23,550, and $23,750.
0 Comments