Bitcoin gained tempo above the $22,000 resistance in opposition to the US Dollar. BTC may rise additional in direction of $23,000 if it stays above the $21,500 assist.
- Bitcoin is up over 5% and there was a transfer above the $22,000 resistance zone.
- The worth is now buying and selling above the $21,800 stage and testing the 100 hourly easy transferring common.
- There is a key connecting bullish development line forming with assist close to $21,800 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may proceed to rise if it clears the $22,500 and $22,600 ranges.
Bitcoin Price Gains Momentum
Bitcoin worth remained supported above the $20,500 zone. The worth began an honest improve and was capable of clear the $21,500 resistance zone.
The bulls even pumped the worth above the $22,000 resistance zone. The worth traded as excessive as $22,766 and settled above the 100 hourly easy transferring common. Recently, there was a draw back correction beneath the $22,500 stage.
Bitcoin dipped beneath the 50% Fib retracement stage of the upward transfer from the $20,748 swing low to $22,766 excessive. However, the bulls had been lively close to the $21,500 assist zone and the 100 hourly simple moving average.
The worth stayed above the 61.8% Fib retracement stage of the upward transfer from the $20,748 swing low to $22,766 excessive. There can also be a key connecting bullish development line forming with assist close to $21,800 on the hourly chart of the BTC/USD pair.
On the upside, bitcoin worth may resistance close to the $22,500 stage. The subsequent key resistance is close to the $22,750 zone. An in depth above the $22,750 resistance zone may set the tempo for extra upsides. In the said case, the worth might maybe rise in direction of the $23,000 stage. The subsequent main resistance sits close to the $23,500 stage.
Dips Supported in BTC?
If bitcoin fails to clear the $22,500 resistance zone, it may begin a draw back correction. An fast assist on the draw back is close to the $21,800 stage.
The subsequent main assist now sits close to the $21,500 stage and the 100 hourly SMA. A transparent transfer beneath the $21,500 assist may ship the worth in 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 stage.
Major Support Levels – $21,800, adopted by $21,500.
Major Resistance Levels – $22,500, $22,750 and $23,000.
