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

Bitcoin began a steady rise above the $21,000 resistance to the US Dollar. BTC may rise towards $22,000, if the support level of $20,000.500 is maintained.

  • Bitcoin has been slowly climbing above $21,000 resistance.
  • The price has traded above the $20,000.800 mark and is currently testing the 100 hourly moving average.
  • The hourly chart for the BTC/USD pair showed a breakout above the short-term bearish trendline with resistance at $21,000 (data feed Kraken).
  • Bullish momentum could be gained by the pair if it crosses $21,500 and 21,000 levels.

Bitcoin Price shows Positive Signs

Bitcoin prices reached $19,000. This was the base and then started to rise. Bitcoin price moved into positive territory after trading above the $20,500 resistance area.

Even though the price was above $21,000, it settled higher than the simple 100-hour moving average. The high reached near $21,664, but there was an immediate downside correction. Although the price fell below $21,000, bulls were very active around the $20,000.00 zone and 100 hourly simple moving mean.

It reached a low near $20,748. The market is currently rising. The price broke 23.6% Fib Retracement Level of the downmove from $21,664 swing high, to $20748 low.

The hourly BTC/USD chart showed a breakout above the short-term bearish trendline with resistance at $21,000. The upside is that bitcoin could face resistance at the $21,200 level. Bitcoin is now nearing the 50% Fib level of the decline from $21,664 high to $20748 low.

Bitcoin Price

Source: BTCUSD from TradingView.com

Next is the $21,500 resistance zone. The pace of a substantial increase could be set if it is just above the $21,500 zone. The price could rise to $22,000 in the above scenario. Next comes resistance at the $22,800 mark.

BTC Dips

A downside correction could occur if bitcoin does not clear the $21,500 resistance area. Support for the downside lies near the $21,000 mark.

Now, the next significant support is located near the $20.750 level and 100 hourly SMA. The price could reach $20,000. If it moves clear below the $20750 support, the price might move towards $20,000.

Technical indicators

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 – $21,000, followed by $20,750.

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

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