February 9, 2023

Bitcoin worth remained properly supported above the $22,300 zone. BTC is rising and would possibly goal a recent improve above the $23,500 resistance zone.

  • Bitcoin began a minor draw back correction and examined the $22,400 help zone.
  • The worth is buying and selling above $22,500 and the 100 hourly easy transferring common.
  • There’s a key bullish development line forming with help close to $22,100 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair might begin a recent surge if it clears the $23,500 resistance zone.

Bitcoin Worth Eyes One other Improve

Bitcoin worth gained tempo above the $22,500 resistance zone. BTC even traded above the $23,000 degree earlier than it confronted sellers close to the $23,500 zone. There was a minor draw back correction from the $23,400 zone, just like ethereum.

The worth traded as excessive as $23,428 earlier than there was a draw back correction. There was a transfer beneath the $23,000 degree. The worth even dipped beneath the 23.6% Fib retracement degree of the upward wave from the $20,396 swing low to $24,249 excessive.

Nevertheless, the worth is steady above $22,500 and the 100 hourly easy transferring common. There may be additionally a key bullish development line forming with help close to $22,100 on the hourly chart of the BTC/USD pair.

Supply: BTCUSD on TradingView.com

An instantaneous resistance is close to the $23,200 degree. The subsequent main resistance is close to the $23,400 zone, above which the worth would possibly achieve bullish momentum. Within the acknowledged case, the worth might maybe rise even clear the $23,500 degree. The subsequent hurdle may very well be close to the $24,200 degree. Any extra positive aspects would possibly ship btc worth in direction of the $25,000 degree.

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Contemporary Draw back Correction in BTC?

If bitcoin worth fails to clear the $23,400 resistance, it might begin one other draw back correction. An instantaneous help on the draw back is close to the $22,700 zone.

The subsequent main help is close to the $22,100 zone and the development line, beneath which it might check the 50% Fib retracement degree of the upward wave from the $20,396 swing low to $24,249 excessive. Any extra losses would possibly ship the worth to $21,500 within the close to time period.

Technical indicators:

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

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

Main Help Ranges – $22,700, adopted by $22,100.

Main Resistance Ranges – $23,200, $23,400 and $23,500.