TA: Bitcoin Price Eyes Upside Break, Why BTC Could Surge to $23K

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Bitcoin is showing positive signs above the $20,500 zone against the US Dollar. BTC could rally if there is a clear move above the $21,250 resistance zone.

  • Bitcoin remains well supported above the $20,000 and $20,500 levels.
  • The price is now above the $20,500 level and the 100 hourly simple moving average.
  • There was a break above a major bearish trend line with resistance near $20,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could gain bullish momentum if it clears the $21,250 and $21,650 resistance levels.

Bitcoin Price Could Gain Pace

Bitcoin price started a downside correction below the $20,500 level. There was also a move below the $20,000 level, but the price was stable near the $19,750 zone.

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A low was formed near $19,750 and the price started fresh. BTC was able to clear the $20,000 and $20,500 resistance levels. Besides, there was a break above a major bearish trend line with resistance near $20,450 on the hourly chart of the BTC/USD pair.

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The pair climbed above the 50% Fib retracement level of the downward move from the $21,698 swing high to $19,750 low. Bitcoin is now above the $20,500 level and the 100 hourly simple moving average.

An immediate resistance on the upside is near the $21,250 level. It is near the 76.4% Fib retracement level of the downward move from the $21,698 swing high to $19,750 low. The next key resistance is near the $21,650 level. A clear move above the $21,650 level might start a decent increase.

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Source: BTCUSD on TradingView.com

The next major resistance sits near the $22,200 level, above which the bulls might gain strength for a move towards the $23,000 resistance zone.

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Fresh Decline in BTC?

If bitcoin fails to clear the $21,250 resistance zone, it could start another decline. An immediate support on the downside is near the $20,600 level and the 100 hourly SMA.

The first major support is near the $20,000 level. The main support is now near the $19,750 level. A downside break below the $19,750 support could put a lot of pressure on the bulls in the near term. In the stated case, the price might slide towards the $18,500 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 – $20,600, followed by $20,000.

Major Resistance Levels – $21,250, $21,650 and $23,000.

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Author: Aayush Jindal


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