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    Bitcoin Price Eyes Fresh Increase To $22K, Why Dips Remain Supported


    Bitcoin began a gentle improve above the $21,000 resistance towards the US Dollar. BTC might rise additional in the direction of $22,000 if it stays above the $20,500 help.

    • Bitcoin is slowly shifting greater above the $21,000 resistance zone.
    • The worth is now buying and selling above the $20,800 degree and testing the 100 hourly easy shifting common.
    • There was a break above a short-term bearish pattern line with resistance close to $21,000 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair may acquire bullish momentum if it clears the $21,500 and $21,600 ranges.

    Bitcoin Price Shows Positive Signs

    Bitcoin worth fashioned a base above the $19,200 degree and began a decent increase. The worth traded above the $20,500 resistance zone to maneuver right into a optimistic zone.

    The worth even gained tempo above the $21,000 degree and settled above the 100 hourly simple moving average. A excessive was fashioned close to $21,664 earlier than there was a draw back correction. The worth traded under the $21,000 degree, however the bulls have been energetic close to the $20,750 zone and the 100 hourly easy shifting common.

    A low was fashioned close to $20,748 and the value is now rising. It broke the 23.6% Fib retracement degree of the downward transfer from the $21,664 swing excessive to $20,748 low.

    There was additionally a break above a short-term bearish pattern line with resistance close to $21,000 on the hourly chart of the BTC/USD pair. On the upside, bitcoin worth might resistance close to the $21,200 degree. It is close to the 50% Fib retracement degree of the downward transfer from the $21,664 swing excessive to $20,748 low.

    Bitcoin Price

    Source: BTCUSD on TradingView.com

    The subsequent key resistance is close to the $21,500 zone. A detailed above the $21,500 resistance zone might set the tempo for a good improve. In the said case, the value might maybe rise in the direction of the $22,000 degree. The subsequent main resistance sits close to the $22,800 degree.

    Dips Supported in BTC?

    If bitcoin fails to clear the $21,500 resistance zone, it might begin a draw back correction. An speedy help on the draw back is close to the $21,000 degree.

    The subsequent main help now sits close to the $20,750 degree and the 100 hourly SMA. A transparent transfer under the $20,750 help may ship the value in the direction of $20,500.

    Technical indicators:

    Hourly MACD – The MACD is now gaining tempo within the bullish zone.

    Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 degree.

    Major Support Levels – $21,000, adopted by $20,750.

    Major Resistance Levels – $21,200, $21,500 and $22,000.



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