The Price of Bitcoin Will Likely Rise if It Holds Above The $23,000 Zone
- 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.
Author: Amogo Solomon
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- The Price of Bitcoin Will Likely Rise if It Holds Above The $23,000 Zone