TA: Bitcoin Price Surge Could Extend Above $24K, Indicators Turn Green

Jul 20, 2022 04:00 am Cryptocurrency 121

Bitcoin gained pace above the $23,000 resistance against the US Dollar. BTC could rise further towards $24,000 if it stays above the $22,750 support.

Bitcoin climbed over 5% and there was a move above the $23,000 resistance zone.

The price is now trading above the $22,750 level and testing the 100 hourly simple moving average.

There is a major bullish trend line forming with support near $22,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair might continue to rise if it clears the $23,500 and $22,750 levels.

Bitcoin Price Starts Fresh Increase

Bitcoin price started a decent increase after it managed to settle above the $22,000 resistance zone. BTC gained pace for a move above the $23,000 resistance level.

The price even broke the $23,500 level and settled above the 100 hourly simple moving average. A high was formed near $23,782 and the price is now consolidating gains. There was a minor downside correction below the $23,500 level.

Bitcoin traded below the 23.6% Fib retracement level of the upward move ..

Support the originator by clicking the read the rest link below.