- Bitcoin price has started a new rally from the $20,400 zone against the US dollar.
- The price is currently trading above $22,000 and the 55 simple moving average (4 hours).
- The 4-hour chart of the BTC/USD pair (data feed from Coinbase) has formed a large bullish trendline supporting near $22,450.
- The pair can continue to move higher if it stays above the $21,500 resistance zone.
Bitcoin price rises above $22,000 against the US dollar. BTC could extend its gains if it breaks out clearly above the $23,375 resistance zone.
Bitcoin price analysis
bitcoin price is fresh increase From the $20,400 support zone. A base has formed and the price has risen above the $21,500 resistance zone.
The bulls have pushed the price above the $22,000 resistance and the 55 simple moving average (4-hour). The rally has seen the price rally towards the resistance zone of $23,400.Price is consolidating the upside with a high near $23,375.
There was a small move below the 23.6% Fib retracement level of the upward move from the swing low of $20,370 to the high of $23,375. Currently trading above $22,000, 55 Simple Moving Average (4 hours)Also, the BTC/USD pair’s 4-hour chart has formed a large bullish trendline supporting near $22,450.
The immediate resistance to the upside is near $22,850. The next major resistance could approach the $23,000 zone. The first big resistance is near $23,400. A clear break above the $23,400 level could drive the price up towards the $24,000 level, and above that the price could move up towards the $25,000 level.
Further gains could push the price into the $26,200 zone. Without an upside break, the price could sink below $22,500. The first major support is near $22,000 or the 50% Fib retracement level of the move from swing lows of $20,370 to highs of $23,375.
The next important support is near $21,500, below which the price may fall. In the aforementioned case, the price may drop towards the $20,400 level. Further losses could push the price to the $20,000 level.
Look at the chart, the Bitcoin price is clearly trading above $22,000 and the simple moving average of 55 (4 hours). Overall, the price can continue to move higher if it remains above the $21,500 resistance zone.
4 Hour MACD – The MACD is currently gaining momentum in the bullish zone.
4 Hour RSI (Relative Strength Index) – The RSI is currently above the 50 level.
Primary Support Levels – $22,400 and $21,500.
Key resistance levels – $22,850, $23,400, $25,000.
https://www.livebitcoinnews.com/bitcoin-price-analysis-btc-aims-more-gains-above-23k/ Bitcoin Price Analysis: BTC Targets Profit Above $23,000