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Friday, August 19, 2022
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    HomeMarketBitcoin Price Surge Could Extend Above $24K, Indicators Turn Green

    Bitcoin Price Surge Could Extend Above $24K, Indicators Turn Green

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    Bitcoin gained tempo above the $23,000 resistance in opposition to the US Greenback. BTC might rise additional in direction of $24,000 if it stays above the $22,750 help.

    • Bitcoin climbed over 5% and there was a transfer above the $23,000 resistance zone.
    • The worth is now buying and selling above the $22,750 degree and testing the 100 hourly easy shifting common.
    • There’s a main bullish development line forming with help close to $22,750 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair may proceed to rise if it clears the $23,500 and $22,750 ranges.

    Bitcoin Worth Begins Recent Enhance

    Bitcoin worth began a decent increase after it managed to settle above the $22,000 resistance zone. BTC gained tempo for a transfer above the $23,000 resistance degree.

    The worth even broke the $23,500 degree and settled above the 100 hourly easy shifting common. A excessive was shaped close to $23,782 and the value is now consolidating positive aspects. There was a minor draw back correction beneath the $23,500 degree.

    Bitcoin traded beneath the 23.6% Fib retracement degree of the upward move from the $21,403 swing low to $23,782 excessive. Nonetheless, the bulls have been lively close to the $23,000 help zone.

    There’s additionally a serious bullish development line forming with help close to $22,750 on the hourly chart of the BTC/USD pair. On the upside, bitcoin worth might face resistance close to the $23,500 degree. The subsequent key resistance is close to the $23,750 zone.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    An in depth above the $23,750 resistance zone might set the tempo for extra upsides. Within the acknowledged case, the value could maybe rise in direction of the $24,000 degree. The subsequent main resistance sits close to the $24,500 degree.

    Dips Supported in BTC?

    If bitcoin fails to clear the $23,500 resistance zone, it might begin a draw back correction. A right away help on the draw back is close to the $23,000 degree.

    The subsequent main help now sits close to the $22,750 degree and the development line zone. It is usually near the 50% Fib retracement degree of the upward transfer from the $21,403 swing low to $23,782 excessive. A transparent transfer beneath the development line help may ship the value in direction of $21,500.

    Technical indicators:

    Hourly MACD – The MACD is now gaining tempo within the bullish zone.

    Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now above the 50 degree.

    Main Help Ranges – $22,750, adopted by $22,500.

    Main Resistance Ranges – $23,500, $23,750 and $24,000.



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