BTC / USD
16,984.66
0.36%
(-61.06)
ETH / USD
1,255.92
0.3%
(-3.8)
XRP / USD
0.39
1.25%
(-0)
LTC / USD
79.45
1.72%
(-1.39)
EOS / USD
0.96
2.59%
(+0.02)
BCH / USD
111.20
1.58%
(-1.79)
ADA / USD
0.32
1.25%
(-0)
XLM / USD
0.09
1.56%
(-0)
NEO / USD
7.11
2.82%
(+0.19)
XEM / USD
0.03
0.3%
(-0)
DASH / USD
46.04
1.75%
(-0.82)
USDT / USD
1.00
0%
(0)
BNB / USD
288.34
0.27%
(-0.77)
QTUM / USD
2.20
0.05%
(0)
XVG / USD
0.00
0.67%
(-0)
ONT / USD
0.19
0.59%
(-0)
ZEC / USD
45.46
0.57%
(-0.26)
STEEM / USD
0.18
1.41%
(-0)

Bitcoin Price Could Surge To $22K, Why BTC Remains Supported

0

Bitcoin started a decent increase above the $20,000 resistance against the US Dollar. BTC is trading above $20,500 and eying more gains towards the $22,000 level.

  • Bitcoin is slowly moving higher above the $20,000 resistance zone.
  • The price is now trading above the $20,200 level and testing the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $20,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair might gain bullish momentum if it clears the $20,750 and $21,000 levels.

Bitcoin Price Gains Momentum

Bitcoin price formed a base above the $19,000 level and started a decent increase. The price traded above the $20,000 resistance zone to move into a positive zone.

There was a clear move above the 23.6% Fib retracement level of the downward move from the $22,500 swing high to $18,916 low. At first, the price saw a rejection near the $20,500 level. However, the bulls were active near the $19,600 level.

Bitcoin started another increase above the $20,500 resistance zone. It is now trading above the $20,200 level and testing the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $20,400 on the hourly chart of the BTC/USD pair.

On the upside, the price could resistance near the $20,750 level. It is near the 50% Fib retracement level of the downward move from the $22,500 swing high to $18,916 low. The next key resistance is near the $21,000 zone.

Source: BTCUSD on TradingView.com

A close above the $21,000 resistance zone could set the pace for a decent increase. In the stated case, the price may perhaps rise towards the $21,650 level. The next major resistance sits near the $22,000 level.

Fresh Decline in BTC?

If bitcoin fails to clear the $20,750 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $20,500 level.

The next major support now sits near the $20,400 level and the trend line. A close below the trend line support zone could accelerate losses. In the stated case, there is a risk of a move towards the $20,000 level.

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 – $20,400, followed by $20,000.

Major Resistance Levels – $20,750, $21,000 and $21,650.

Leave A Reply

Your email address will not be published.