Bitcoin price is attempting a recovery wave above the $22,250 resistance. BTC is rising, but it might face hurdles near the $23,000 resistance zone.
- Bitcoin is attempting a recovery wave above the $22,250 resistance zone.
- The price is trading above $22,250 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $22,420 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct higher, but upsides might be capped near the $23,000 zone.
Bitcoin Price Upsides Capped
Bitcoin price found support near the $22,000 support zone. A base is formed and BTC price is slowly moving higher above the $22,250 resistance zone.
There was a move above the $22,400 level. The price is rising above the 23.6% Fib retracement level of the downward move from the $23,977 swing high to $22,000 low. Besides, there was a break above a major bearish trend line with resistance near $22,420 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading above $22,250 and the 100 hourly simple moving average. An immediate resistance is near the $22,780 level. The next major resistance is near the $22,850 zone. The main barrier is now near the $23,000 zone. It is close to the 50% Fib retracement level of the downward move from the $23,977 swing high to $22,000 low.
Source: BTCUSD on TradingView.com
A close above the $23,000 resistance might start a decent increase towards the $23,500 resistance zone. The next key resistance is near the $23,850 zone, above which the price might rally.
Fresh Decline in BTC?
If bitcoin price fails to clear the $22,780 resistance and $23,000, it could start another decline. An immediate support on the downside is near the $22,500 zone.
The next major support is near the $22,200 zone, below which the bears might aim a retest of $22,000. The next major support is near the $21,200 level. In the stated case, there is a risk of a move towards the $20,500 support zone in the coming sessions.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $22,200, followed by $22,000.
Major Resistance Levels – $22,780, $22,850 and $23,000.