TA: Bitcoin Price Could Rally If There Is A Close Above This Key Resistance
August 07 2022 - 11:38PM
NEWSBTC
Bitcoin price remained supported above the $22,650 level against
the US Dollar. BTC could rally if there is a clear move above the
$23,500 resistance zone. Bitcoin is trading in a range above the
$22,500 level the $23,500 level. The price is now trading above the
$23,000 level and the 100 hourly simple moving average. There was a
break above a key bearish trend line with resistance near $23,200
on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair must clear the $23,500 resistance to start a steady
increase in the near term. Bitcoin Price Faces Key Barrier Bitcoin
price remained above a major support zone near the $22,400 and
$22,500 levels. The price started a decent increase above the
$22,800 and $22,950 levels. The upward move was such that the price
climbed above the $23,000 level and the 100 hourly simple moving
average. The price surpassed the 50% Fib retracement level of the
downward move from the $23,477 swing high to $22,755 low. Besides,
there was a break above a key bearish trend line with resistance
near $23,200 on the hourly chart of the BTC/USD pair. The pair is
now trading near the $23,300 level. Source: BTCUSD on
TradingView.com It is struggling near the 76.4% Fib retracement
level of the downward move from the $23,477 swing high to $22,755
low. The next key resistance is near the $23,500 zone. A close
above the $23,500 resistance zone could start a steady increase. In
the stated case, the price may perhaps rise clear the $24,500
resistance. Downside Break in BTC? If bitcoin fails to clear the
$23,500 resistance zone, it could start a downside correction. An
immediate support on the downside is near the $23,100 level. The
next major support now sits near the $22,750 level. A close below
the $22,750 level might start a move towards $22,500. Any more
losses might send the price towards $22,000 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 – $23,100,
followed by $22,750. Major Resistance Levels – $23,500, $24,200 and
$24,500.
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