Bitcoin worth climbed additional increased above $21,000. BTC is rising and would possibly intention a transfer in direction of the $22,000 resistance zone within the close to time period.
- Bitcoin climbed additional increased above the $20,000 and $20,500 resistance ranges.
- The worth is buying and selling above $20,200 and the 100 hourly easy transferring common.
- There is a significant bullish pattern line forming with assist close to $20,500 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair might rise additional above the $21,500 resistance zone within the close to time period.
Bitcoin Price Gains Bullish Momentum
Bitcoin worth gained a strong bullish momentum and settled above the $20,000 resistance zone. BTC even climbed above the $20,500 degree to maneuver right into a optimistic zone.
The worth consolidated for a while above the $20,500 degree. A excessive is shaped close to $21,484 and the worth is now exhibiting indicators of more upsides. It is now buying and selling above $20,200 and the 100 hourly easy transferring common. There can also be a significant bullish pattern line forming with assist close to $20,500 on the hourly chart of the BTC/USD pair.
It can also be buying and selling above the 23.6% Fib retracement degree of the upward transfer from the $20,248 swing low to $21,484 excessive. On the upside, an instantaneous resistance is close to the $21,500 degree.
Source: BTCUSD on TradingView.com
The subsequent main resistance is close to the $21,850 zone, above which the worth would possibly begin one other regular improve. In the said case, the worth could maybe rise in direction of the $22,000 degree. Any extra positive factors would possibly ship btc worth in direction of the $22,500 degree.
Downside Correction in BTC?
If bitcoin worth fails to clear the $21,500 resistance, it might begin a draw back correction. An fast assist on the draw back is close to the $21,000 degree.
The subsequent main assist is close to the $20,500 degree and the pattern line. It is close to the 61.8% Fib retracement degree of the upward transfer from the $20,248 swing low to $21,484 excessive. The fundamental assist is now forming close to the $20,200 degree, under which the worth would possibly retest $19,000.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 degree.
Major Support Levels – $20,500, adopted by $20,200.
Major Resistance Levels – $21,500, $22,000 and $22,500.
