Block Journal
No Result
View All Result
  • Login
en English
nl Nederlandsen Englishfr Françaisde Deutschit Italianopt Portuguêsru Русскийes Españolth ไทยzh-CN 简体中文hi हिन्दीja 日本語
  • Home
  • News
  • Crypto
  • Markets
  • Investing
  • Glossary
  • Videos
  • Charts
    • Crypto
    • Forex
    • Stocks
    • Commodities
  • Magazine
Magazine
Newsletter
  • Trending Now
  • Bitcoin
  • Altcoin
  • Ethereum
  • Analysis
  • Blockchain
  • Metaverse
  • NFT
  • DeFi
  • Web3
  • GameFi
  • ICO
  • Legal
  • Security
Block Journal
  • Home
  • News
  • Crypto
  • Markets
  • Investing
  • Glossary
  • Videos
  • Charts
    • Crypto
    • Forex
    • Stocks
    • Commodities
  • Magazine
en English
nl Nederlandsen Englishfr Françaisde Deutschit Italianopt Portuguêsru Русскийes Españolth ไทยzh-CN 简体中文hi हिन्दीja 日本語
No Result
View All Result
Block Journal
No Result
View All Result
  • News
  • Crypto
  • Markets
  • Investing
  • Videos
  • Charts
Home Crypto Bitcoin

Bitcoin Price Rallies 10% But This Resistance Is The Key To Reversal

News Room by News Room
March 13, 2023
in Bitcoin
Reading Time: 2 mins read
0 0
A A
0

Bitcoin price surged over 10% and cleared the $22,000 resistance. BTC must surpass $22,600 and $22,800 to continue higher in the near term.

  • Bitcoin started a strong increase above the $21,500 resistance zone.
  • The price is trading above $22,000 and the 100 hourly simple moving average.
  • There was a break above a major bearish trend line with resistance near $21,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could face a strong selling interest near $22,600 and $22,800.

Bitcoin Price Surges Above $22K

Bitcoin price found a strong support near the $19,500 zone. BTC formed a base and started a major increase above the $20,000 resistance zone.

There was a clear move above the $20,500 and $21,200 resistance levels. Besides, there was a break above a major bearish trend line with resistance near $21,250 on the hourly chart of the BTC/USD pair. The pair even broke the $21,500 resistance zone.

Bitcoin price is trading above $22,000 and the 100 hourly simple moving average. A high is formed near $22,765 and the price is now correcting lower.

It is trading well above the 23.6% Fib retracement level of the upward move from the $19,549 swing low to $22,765 high. An immediate resistance is near the $22,600 level. The next major resistance is near the $22,800 zone.

Source: BTCUSD on TradingView.com

A close above the $22,800 resistance might start a decent increase in the coming days. The next key resistance is near the $23,200 zone, above which the price might gain bullish momentum and test $24,000.

Dips Supported in BTC?

If bitcoin price fails to clear the $22,600 resistance, it could correct lower. An immediate support on the downside is near the $22,000 zone.

The next major support is near the $21,750 zone, below which the price might drop to $21,150 or the 50% Fib retracement level of the upward move from the $19,549 swing low to $22,765 high. The next major support is near the $20,800 level and the 100 hourly simple moving average. Any more losses might send the price towards the $20,000 level.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now in the overbought zone.

Major Support Levels – $22,000, followed by $21,750.

Major Resistance Levels – $22,600, $22,800 and $23,200.

Read the full article here

ShareTweetSharePinShareShareSend

Related News

Dramatic Shifts in Bitcoin Supply and Stablecoin Dynamics Reflect Changing Market Landscape
Bitcoin

Dramatic Shifts in Bitcoin Supply and Stablecoin Dynamics Reflect Changing Market Landscape

June 5, 2023
Willy Woo Says Bitcoin (BTC) Could Be Ready To Rip in June if Signal Plays Out – Here’s His Outlook
Bitcoin

Willy Woo Says Bitcoin (BTC) Could Be Ready To Rip in June if Signal Plays Out – Here’s His Outlook

June 5, 2023
Bitcoin Retail Demand to Remain Strong Ahead of Halving Event: JPMorgan
Bitcoin

Bitcoin Retail Demand to Remain Strong Ahead of Halving Event: JPMorgan

June 5, 2023
Binance CEO’s Cold Storage Wallet Holds 1.28% of all Bitcoin
Bitcoin

Binance CEO’s Cold Storage Wallet Holds 1.28% of all Bitcoin

June 5, 2023
Bitcoin Supply Pivots to Asia, US Capital Less Active in Crypto Sector
Bitcoin

Bitcoin Supply Pivots to Asia, US Capital Less Active in Crypto Sector

June 5, 2023
Here’s How Retail FOMO Could Come Flooding Back to Bitcoin, According to Crypto Strategist
Bitcoin

Here’s How Retail FOMO Could Come Flooding Back to Bitcoin, According to Crypto Strategist

June 5, 2023
Will ‘Rare Satoshis’ Be the Next Big Crypto Craze?
Bitcoin

Will ‘Rare Satoshis’ Be the Next Big Crypto Craze?

June 5, 2023
Bitcoin Developers Consider Restricting Ordinals And BRC-20 Token Operations
Bitcoin

Bitcoin Developers Consider Restricting Ordinals And BRC-20 Token Operations

June 5, 2023
Top Crypto Analyst Benjamin Cowen Maps Path Forward for Bitcoin (BTC) – Here Are His Targets
Bitcoin

Bloomberg Analyst Issues Warning, Says Coming Months Likely To Be ‘Ugly’ for Bitcoin and Crypto

June 5, 2023

Discussion about this post

Latest News

New Binance CEO? Exchange Calls Bloomberg’s Claims ‘Speculation’

New Binance CEO? Exchange Calls Bloomberg’s Claims ‘Speculation’

June 5, 2023
Top Lawyer Shares New Doc Proving XRP Isn’t a Security “Outside Its Initial Contract”

Top Lawyer Shares New Doc Proving XRP Isn’t a Security “Outside Its Initial Contract”

June 5, 2023
XRP Advocate John Deaton Confident of Regaining Control of Hacked Twitter Account

XRP Advocate John Deaton Confident of Regaining Control of Hacked Twitter Account

June 5, 2023
France objects to Nato plan for office in Tokyo

France objects to Nato plan for office in Tokyo

June 5, 2023
SEC sues Binance in US District Court for unregistered securities operations

SEC sues Binance in US District Court for unregistered securities operations

June 5, 2023
ADVERTISEMENT

Popular

  • Dow futures rise on debt deal optimism

    Dow futures rise on debt deal optimism

    0 shares
    Share 0 Tweet 0
  • GBP/USD: Support around the 1.2275/2300 area may hold temporarily – ING

    0 shares
    Share 0 Tweet 0
  • US crude output rises in March to highest since March 2020 – EIA

    0 shares
    Share 0 Tweet 0
  • USD/JPY could drop to 130 again with YCC adjustment – SocGen

    0 shares
    Share 0 Tweet 0
  • USD/MXN: Peso might be able to appreciate a little bit further – Commerzbank

    0 shares
    Share 0 Tweet 0
Block Journal

Block Journal is the world’s leading source in blockchain news and updates. Follow us to stay up-to-date with all you need to know in web3.

LEARN MORE »

Recent Posts

  • New Binance CEO? Exchange Calls Bloomberg’s Claims ‘Speculation’
  • Top Lawyer Shares New Doc Proving XRP Isn’t a Security “Outside Its Initial Contract”
  • XRP Advocate John Deaton Confident of Regaining Control of Hacked Twitter Account

Trending Topics

Altcoin Analysis Bitcoin Blockchain Commodities Crypto DeFi Ethereum Forex Futures GameFi ICO Investing Legal Markets Metaverse News NFT Security Stocks Uncategorized Videos Web3

Get Informed

The most important crypto and finance news and events of the day

Be the first to know latest important news & events directly to your inbox.

By signing up, I agree to our TOS and Privacy Policy.

  • About
  • Privacy Policy
  • Terms of use
  • Press Release
  • Advertise
  • Contact

Copyright © 2023 Block Journal - Created by Sawah Solutions.

No Result
View All Result
  • Home
  • News
  • Crypto
  • Markets
  • Investing
  • Glossary
  • Videos
  • Charts
    • Crypto
    • Forex
    • Stocks
    • Commodities
  • Magazine

Copyright © 2023 Block Journal - Created by Sawah Solutions.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.