The Price of Bitcoin Will Likely Rise if It Holds Above The $23,000 Zone

Key Take-Aways

  • The price of bitcoin is settling above the $23,000 support level.
  • On the 4-hours chart, BTC broke through a significant bearish trend line at $23,500.
  • The price of gold increased above the $1,830 resistance level.
  • The EUR/USD currency pair continued to rise above the 1.0640 barrier level.

Technical Analysis of the Bitcoin Price

After a sharp decrease, the price of bitcoin regained support around the $22,800 region. Bitcoin/USD just began an upward correction and traded as low as $22,823.

On the 4-hour chart, we can see that the price increased above the $23,400 barrier area. In the 4-hours chart, there was also a break over a significant negative trend line with resistance at $23,500.

A break over the 23.6% Fib retracement level of the decline from the swing high of $25,243 to the low of $22,823 occurred. The price is encountering resistance in the $24,050 resistance area on the upside.

The $24,050 level is also close to the 50% Fib retracement level of the decline from the swing high of $25,243 to the low of $22,823. A closing above $24,050 could perhaps signal the beginning of another gradual rise in the ensuing sessions.

Under the described scenario, the cost can increase toward the $24,650 mark. Any additional gains might accelerate a move in the direction of the $25,000 mark.

The price is steady above the 100 simple moving average (red, 4-hours) and the 200 simple moving average on the downward. An initial support is located close to the $23,400 mark. At the $22,850 region, the primary breakdown support is located.

The price of bitcoin may begin a new slide in the upcoming days if there is a negative break and closing below $22,850. In the hypothetical situation, it might try $21,500 again or go back to the $22,200 support.

Economic News To Trade Today

  • The US Jobless Claims: 197k expected against 192k previous.
  • Consumer Price Index for the Eurozone for February 2023 (YoY): forecast +8.2% against +8.6% previous previously.
Amogo Solomon is a Broker-Dealer/Market Research analyst and writer in ACT Brokers with a background in Computer Science, Data Analytics, and Forex Broker Dealing. He specializes in Forex Dealing, markets Analysis, Currency research, forex fundamental and technical analysis, and Monitoring of Forex trends, Stocks, Equities, Cryptos, and Commodities. He possesses strong technical and analytical skills and is well known for his entertaining and informative analysis of the global economy, fiat currency, commodities, Stocks, Indexes, Futures, and Options markets. He held a Bachelor's degree in Computer Science and Nanodegree in Programming for Data Science Enterprise.