Bitcoin is moving in positive territory above the $22,000 resistance level against the US Dollar. Bitcoin could rally higher if there is a clear move above the $22,500 resistance.
- Bitcoin settled above the $21,500 and $22,000 resistance levels.
- The price is now trading above $22,000 and the 100 hourly simple moving average.
- There is a major uptrend privilege forming with support near $21,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is consolidating gains and may look for a fresh rally above the $22,500 resistance.
Bitcoin price eyes more pros
Bitcoin price rose at a rapid pace for a clear move above The $21,500 and $22,000 resistance levels. The price settled above the $22,000 resistance area and the 100 hourly simple moving average.
Recently, it attempted to clear the $22,500 resistance area. A top formed near $22473 before the price started correcting to the downside. There was a move below the $22,200 level. The price traded below the 23.6% Fib retracement level of the upward move from the $21,180 swing low to $22,473 high.
Bitcoin price is now trading above $22,000 and Simple moving average per 100 hours. There is also a major uptrend privilege forming with support near $21,800 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
On the upside, there is an immediate resistance near the $22,450 level. The next major resistance is near the $22,500 level. A close above the $22,500 resistance could lead to a new high. In the mentioned case, the price could rise towards $23,200. Any further gains could send the price towards the $24,000 resistance area.
Dips Limited in BTC?
If Bitcoin fails to clear the $22,500 resistance area, it may start a downside correction. There is immediate support to the downside near the $22,000 region.
The next major support is near the trend line and $21,800. It is close to the 50% Fib retracement level of the upward move from the $21,180 swing low to $22,473 high. The first major support is now forming near the $21,500 level. A break-down below the $21,500 level may send the price towards the $21,000 support level.
Hourly MACD The MACD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $21,800, followed by $21,500.
The main resistance levels are $22,450, $22,500 and $23,200.