Bitcoin’s pace has surpassed the $22,000 resistance level against the US Dollar. If it holds above $21,500, BTC will likely rise to $23,000.
- Bitcoin rose more than 5%, and the price of Bitcoin climbed above $22,000 resistance.
- Now, the price trades above $21,800 and is testing the simple 100-hour moving average.
- A key bullish trend line connecting to the pair BTC/USD is showing support at $21,800 (data feed Kraken).
- If it reaches $22,500 or $22,600, the pair could continue rising.
Momentum gains Bitcoin’s price
The Bitcoin price was supported at or above $20,500. Bitcoin price experienced a steady increase, and it was able clear the $21,500 resistance area.
Bulls even lifted the price to $22,000 above its resistance level. The price reached $22,766 at one point and then settled well above the 100 hourly simple moving mean. Recently, there has been a downturn below the $22,500 mark.
Bitcoin dropped below the 50% Fib level of the upmove from $20,748 swing high to $22,766 low. However, bulls were active close to the $21,500 Support Zone and the 100 hourly simple Moving Average.
The price was above the 61.8% Fib Retracement level for the upward move of $20,748 swing high to $22,766 low. The hourly BTC/USD pairs chart shows a connecting bullish trendline with support close to $21,800.
The upside is that bitcoin prices could hold near $22,500. Near the $22,750 level is the next major resistance. The pace could be set for greater upsides if the resistance zone is breached at $22,750. If the previous scenario is true, then the price might rise to the $23,000 mark. Near the $23,500 threshold is the next significant resistance.
BTC Supported Dips
A downside correction could occur if bitcoin does not clear the $22,500 resistance area. The $21,800 level is an immediate support for the downside.
Now, the next significant support is located near the $21,500 and 100 hourly SMA levels. The price could reach $20,500 if it moves clear below the $21,500 level.
Indicators technical
Hourly MACD – The MACD is now gaining pace in 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.
