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Bitcoin price gained pace above the $22,000 resistance against the US Dollar. BTC could rise further towards $23,000 if it stays above the $21,500 support.
- Bitcoin is up over 5% and there was a move above the $22,000 resistance zone.
- The price is now trading above the $21,800 level and testing the 100 hourly simple moving average.
- There is a key connecting bullish line forming with support near $21,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might still rise if it clears the $22,500 and $22,600 levels.
Bitcoin Price Gains Momentum
Bitcoin price remained supported above the $20,500 zone. the value started a good increase and was able to clear the $21,500 resistance zone.
The bulls even pumped the worth above the $22,000 resistance zone. the worth traded as high as $22,766 and settled above the 100 hourly simple moving average. Recently, there was a downside correction below the $22,500 level.
Bitcoin dipped below the five hundred Fib retracement level of the upward move from the $20,748 swing low to $22,766 high. However, the bulls were active near the $21,500 support zone and also the 100 hourly simple moving average.
The price stayed above the 61.8% Fib retracement level of the upward move from the $20,748 swing low to $22,766 high. there’s also a key connecting bullish line forming with support near $21,800 on the hourly chart of the BTC/USD pair.
On the upside, bitcoin price could resistance near the $22,500 level. the subsequent key resistance is near the $22,750 zone. a detailed above the $22,750 resistance zone could set the pace for more upsides. within the stated case, the value could rise towards the $23,000 level. the following major resistance sits near the $23,500 level.
See also: Crypto’s Uses And Misuses: Quarrel Between Reuters And Binance
Dips Supported in BTC?
If bitcoin fails to clear the $22,500 resistance zone, it could start a downside correction. direct support on the downside is near the $21,800 level.
The next major support now sits near the $21,500 level and therefore the 100 hourly SMA. a transparent move below the $21,500 support might send the value towards $20,500.
Technical indicators:
Hourly MACD – The MACD is now gaining pace within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $21,800, followed by $21,500.
Major Resistance Levels – $22,500, $22,750 and $23,000.
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