Bitcoin reached a record high of nearly 10%, breaking the $22,000 resistance area against the US Dollar. BTC might correct lower, however the bulls may be active close to $21,250.
- Bitcoin broke the $22,000 barrier and jumped.
- Today, the price traded above $21,500 and the simple 100-hour moving average.
- A break occurred above the channel of rising resistance, near $21,125, on the hourly chart. (Data feed from Kraken).
- While the pair might correct lower in the short-term, bulls may be able maintain the $21,250 support.
Bitcoin price begins a fresh surge
The Bitcoin price reached a level above $20,000 BTC began a strong rise by clearing the $20,000.500 and $20.800 resistance levels.
It saw a dramatic increase in price, and it surpassed the $21,500 mark. It broke through the $22,000 threshold and settled well above the 100 hourly simple moving mean. The price has consolidated gains and reached a high of $22,498.
The price is well above 23.6% Fib Retracement of the increase in the stock from $19,750 to $22,498. Surprisingly, resistance is near $22,450 to $22,500.
Source: BTCUSD from TradingView.com
Next is the $22,800 resistance zone. If the resistance zone is crossed above $22,800, it could be a sign that the market will move towards the $23,200 mark. Gains above the $22,800 resistance zone could open up the possibility of a rise towards the $24,000 mark. Near the $25,000 mark is the next significant resistance.
BTC Supported Dips
Bitcoin could begin a downtrend if it fails to break the $22,500 resistance level. The $21,850 level is an immediate support for the downside.
Near the $21,250 or broken channel trend line zones, the next support is located. This is just below the Fib retracement of the most recent rise from the $19750 swing low, to the $22,498 high. It could fall below the $21,250 level of support, which would push it to $20,000. There is the possibility of the price moving towards $20,000 in the above scenario.
Indicators technical
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now in the overbought zone.
Major Support Levels – $21,850, followed by $21,250.
Major Resistance Levels – $22,500, $22,800 and $23,200.
