Bitcoin price is attempting a recovery wave above the $22,250 resistance. BTC is rising, but it might face hurdles near the $23,000 resistance zone.
- Bitcoin is attempting a recovery wave above the $22,250 resistance zone.
- The price is trading above $22,250 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $22,420 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct higher, but upsides might be capped near the $23,000 zone.
Bitcoin Price Upsides Capped
Bitcoin price found support near the $22,000 support zone. A base is formed and BTC price is slowly moving higher above the $22,250 resistance zone.
There was a move above the $22,400 level. The price is rising above the 23.6% Fib retracement level of the downward move from the $23,977 swing high to $22,000 low. Besides, there was a break above a major bearish trend line with resistance near $22,420 on the hourly chart of the BTC/USD pair.Bitcoin price is now trading above $22,250 and the 100 hourly simple moving average. An immediate resistance is near the $22,780 level. The next major resistance is near the $22,850 zone. The main barrier is now near the $23,000 zone. It is close to the 50% Fib retracement level of the downward move from the $23,977 swing high to $22,000 low.
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