BTC / USD
26,622.12
1.3%
(-351.62)
ETH / USD
1,591.96
1.63%
(-26.3)
XRP / USD
0.51
0.76%
(-0)
LTC / USD
65.21
0.91%
(+0.59)
EOS / USD
0.58
0.74%
(-0)
BCH / USD
208.66
2.25%
(-4.8)
ADA / USD
0.25
2.31%
(-0.01)
XLM / USD
0.11
1.72%
(-0)
NEO / USD
7.41
3.24%
(-0.25)
XEM / USD
0.03
2.71%
(-0)
DASH / USD
26.38
0.75%
(-0.2)
USDT / USD
1.00
0%
(0)
BNB / USD
211.89
1.08%
(-2.32)
QTUM / USD
2.22
0.76%
(-0.02)
XVG / USD
0.00
2.85%
(-0)
ONT / USD
0.18
6.9%
(+0.01)
ZEC / USD
26.25
0.19%
(+0.05)
STEEM / USD
0.17
1.53%
(-0)

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

0

Bitcoin started a steady increase above the $21,000 resistance against the US Dollar. BTC could rise further towards $22,000 if it stays above the $20,500 support.

  • Bitcoin is slowly moving higher above the $21,000 resistance zone.
  • The price is now trading above the $20,800 level and testing the 100 hourly simple moving average.
  • There was a break above a short-term bearish trend line with resistance near $21,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair might gain bullish momentum if it clears the $21,500 and $21,600 levels.

Bitcoin Price Shows Positive Signs

Bitcoin price formed a base above the $19,200 level and started a decent increase. The price traded above the $20,500 resistance zone to move into a positive zone.

The price even gained pace above the $21,000 level and settled above the 100 hourly simple moving average. A high was formed near $21,664 before there was a downside correction. The price traded below the $21,000 level, but the bulls were active near the $20,750 zone and the 100 hourly simple moving average.

A low was formed near $20,748 and the price is now rising. It broke the 23.6% Fib retracement level of the downward move from the $21,664 swing high to $20,748 low.

There was also a break above a short-term bearish trend line with resistance near $21,000 on the hourly chart of the BTC/USD pair. On the upside, bitcoin price could resistance near the $21,200 level. It is near the 50% Fib retracement level of the downward move from the $21,664 swing high to $20,748 low.

Source: BTCUSD on TradingView.com

The next key resistance is near the $21,500 zone. A close above the $21,500 resistance zone could set the pace for a decent increase. In the stated case, the price may perhaps rise towards the $22,000 level. The next major resistance sits near the $22,800 level.

Dips Supported in BTC?

If bitcoin fails to clear the $21,500 resistance zone, it could start a downside correction. An immediate support on the downside is near the $21,000 level.

The next major support now sits near the $20,750 level and the 100 hourly SMA. A clear move below the $20,750 support might send the price towards $20,500.

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.

Leave A Reply

Your email address will not be published.