Bitcoin has been moving above $22,000 against the US Dollar in a positive area. BTC might climb higher if it moves above $22,500.
- Bitcoin reached the $21,500 resistance level and then settled at $22,000.
- The current price trades above $22,000, and the simple moving average is 100 hours.
- A major bullish trend lien is currently forming, with support at $21,800 (data feed Kraken).
- It is consolidating gains. The pair might see a surge over the $22,500 threshold.
Bitcoin Prices See More Positives
Bitcoin prices rose steadily to surpass the $21,500- and $22,000 resistance levels. Bitcoin price also reached the $22,000 resistance area and 100 hourly simple moving mean.
Recent attempts by the price to surpass $22,500 resistance were unsuccessful. Before the downside correction began, a high of $22,473 was reached. A move below the $22,200 mark was observed. Below the 23.6% Fib Retracement level, the price fell below $22,200. This was the downward move from $21,180 swing lows to $22,473 highs.
Bitcoin’s price has risen to $22,000 above the 100 hourly moving average. A major bullish trend lien is also in place with support at $21,800 per hour on the BTC/USD pairs hourly chart.
Source: BTCUSD from TradingView.com
The $22,450 mark is the immediate resistance. Near the $22,500 mark is the next significant resistance. An increase in the price above $22,500 could trigger a new uptrend. If this happens, then the price might rise towards $23,200. Price could rise to $23,200 if it gains more.
BTC Dips Limited
Bitcoin could begin a downward correction if it fails to break the $22,500 resistance level. Support for the downside lies near the $22,000 area.
Next major support will be near the trendline and $21,800. The Fib level for the upward movement from $21,180 swing lows to $22,473 highs is close to 50%. At the $21,500 mark, we see the initial major support. A negative break below the $21,500 support level could push the price toward the $21,000 threshold.
Hourly MACD – The MACD is now losing 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 – $22,450, $22,500 and $23,200.