Started by Bitcoin, Mar 13, 2023, 08:33 am
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Bitcoin price surged over 10% and cleared the $22,000 resistance. BTC must surpass $22,600 and $22,800 to continue higher in the near term.
Bitcoin price found a strong support near the $19,500 zone. BTC formed a base and started a major increase above the $20,000 resistance zone.
There was a clear move above the $20,500 and $21,200 resistance levels. Besides, there was a break above a major bearish trend line with resistance near $21,250 on the hourly chart of the BTC/USD pair. The pair even broke the $21,500 resistance zone.
Bitcoin price is trading above $22,000 and the 100 hourly simple moving average. A high is formed near $22,765 and the price is now correcting lower.
It is trading well above the 23.6% Fib retracement level of the upward move from the $19,549 swing low to $22,765 high. An immediate resistance is near the $22,600 level. The next major resistance is near the $22,800 zone.
Source: BTCUSD on TradingView.com
A close above the $22,800 resistance might start a decent increase in the coming days. The next key resistance is near the $23,200 zone, above which the price might gain bullish momentum and test $24,000.
If bitcoin price fails to clear the $22,600 resistance, it could correct lower. An immediate support on the downside is near the $22,000 zone.
The next major support is near the $21,750 zone, below which the price might drop to $21,150 or the 50% Fib retracement level of the upward move from the $19,549 swing low to $22,765 high. The next major support is near the $20,800 level and the 100 hourly simple moving average. Any more losses might send the price towards the $20,000 level.
Hourly MACD - The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) - The RSI for BTC/USD is now in the overbought zone.
Major Support Levels - $22,000, followed by $21,750.
Major Resistance Levels - $22,600, $22,800 and $23,200.
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