Bitcoin Price Rockets to $22k, Next Bullish Levels Traders Should Watch


Bitcoin picked up its pace and even rose above the $22,000 resistance level against the US Dollar. BTC is correcting gains, but declines may be limited below $21,500.

  • Bitcoin managed to surpass the $21,200 and $21,500 resistance levels.
  • The price is now trading above $21,500 and the 100 hourly simple moving average.
  • There is a major uptrend privilege forming with support near $21,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is correcting gains, but declines may be limited below the $21,500 level.

Bitcoin price starts new high

Bitcoin price kept bidding well above the $20,000 level and a file started new increase. There was a clear move above the $21,000 and $21,200 resistance levels.

The price even broke through the $21,500 resistance and rose above the $22,000 resistance. A top formed near $22,347 and the price recently started a downside correction. There was a move below $22,000 and $21,850.

Bitcoin price traded below the 23.6% Fib retracement level of the recent increase from the swing low of $21,180 to $22,347. It is now trading above $21,500 and Simple moving average per 100 hours. Besides, there is a major bullish advantage forming with support near $21,600 on the hourly chart of the BTC/USD pair.

Bitcoin price

Source: BTCUSD on TradingView.com

On the upside, there is an immediate resistance near the $22,000 level. The next major resistance is near the $22,350 level. A clear move above the $22,350 resistance might start another steady increase. In the aforementioned case, the price could rise towards $22,800. Any further gains could send the price towards the $23,200 resistance area.

Dips Limited in BTC?

If Bitcoin fails to rise above $22,000, it may start a downside correction. There is immediate support to the downside near the $21,700 region.

The 50% Fib retracement level of the recent increase from the swing low of $21,180 to $22,347 is also near $21,700. The first major support is now forming near the $21,600 level. A break-down below the $21,600 level may send the price towards the $21,200 support level.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Key support levels – $21,700, followed by $21,600.

The main resistance levels are $22,000, $22,350 and $23,200.



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