TA: Bitcoin Price Could Rally If There Is A Close Above This Key Resistance

Aug 8, 2022 04:00 am Cryptocurrency 123

Bitcoin price remained supported above the $22,650 level against the US Dollar. BTC could rally if there is a clear move above the $23,500 resistance zone.

Bitcoin is trading in a range above the $22,500 level the $23,500 level.

The price is now trading above the $23,000 level and the 100 hourly simple moving average.

There was a break above a key bearish trend line with resistance near $23,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair must clear the $23,500 resistance to start a steady increase in the near term.

Bitcoin Price Faces Key Barrier

Bitcoin price remained above a major support zone near the $22,400 and $22,500 levels. The price started a decent increase above the $22,800 and $22,950 levels.

The upward move was such that the price climbed above the $23,000 level and the 100 hourly simple moving average. The price surpassed the 50% Fib retracement level of the downward move from the $23,477 swing high to $22,755 low.

Besides, there was a break above a key ..

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