Bitcoin gained tempo and even spiked above the $22,000 resistance in opposition to the US Dollar. BTC is correcting positive aspects, however dips is likely to be restricted under $21,500.
- Bitcoin was ready to clear the $21,200 and $21,500 resistance ranges.
- The worth is now buying and selling above $21,500 and the 100 hourly easy transferring common.
- There is a key bullish pattern lien forming with assist close to $21,600 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair is correcting positive aspects, however dips is likely to be restricted under the $21,500 stage.
Bitcoin Price Starts Fresh Rally
Bitcoin worth remained nicely bid above the $20,000 stage and began a fresh increase. There was a transparent transfer above the $21,000 and $21,200 resistance ranges.
The worth even surpassed the $21,500 resistance and spiked above the $22,000 resistance. A excessive was shaped close to $22,347 and the worth not too long ago began a draw back correction. There was a transfer under the $22,000 and $21,850 ranges.
Bitcoin worth traded under the 23.6% Fib retracement stage of the current improve from the $21,180 swing low to $22,347 excessive. It is now buying and selling above $21,500 and the 100 hourly simple moving average. Besides, there’s a key bullish pattern lien forming with assist close to $21,600 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
On the upside, an instantaneous resistance is close to the $22,000 stage. The subsequent main resistance sits close to the $22,350 stage. A transparent transfer above the $22,350 resistance would possibly begin one other regular improve. In the acknowledged case, the worth could maybe rise in the direction of $22,800. Any extra positive aspects would possibly ship the worth in the direction of the $23,200 resistance zone.
Dips Limited in BTC?
If bitcoin fails to acquire tempo above the $22,000 zone, it may begin a draw back correction. An fast assist on the draw back is close to the $21,700 zone.
The 50% Fib retracement stage of the current improve from the $21,180 swing low to $22,347 excessive can also be close to $21,700. The first main assist is now forming close to the $21,600 stage. A draw back break under the $21,600 stage would possibly ship the worth in the direction of the $21,200 assist.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 stage.
Major Support Levels – $21,700, adopted by $21,600.
Major Resistance Levels – $22,000, $22,350 and $23,200.
