Bitcoin has gained a higher pace from the $22,000 resistance against the US Dollar. BTC could rise further towards $23,000 if it stays above the $21,500 support.
- Bitcoin is up more than 5% and there was a move above the $22,000 resistance area.
- The price is now trading above the $21,800 level and testing the 100 hourly simple moving average.
- There is a major connected bullish trend line forming with support near $21,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair may continue to rise if it clears the $22,500 and $22,600 levels.
Bitcoin Price Gaining Momentum
Bitcoin price kept supported Above the $20,500 area. The price started a good increase and managed to clear the $21,500 resistance area.
The bulls even pumped the price above the $22,000 resistance area. The price traded as high as $22,766 and settled above the 100 hourly simple moving average. Recently, there was a downside correction below the $22,500 level.
Bitcoin dropped below the 50% Fibonacci retracement level of the upward move from the swing low of $20,748 to the high of $22,766. However, the bulls were active near the $21,500 support area and Simple moving average per 100 hours.
The price remained above the 61.8% Fib retracement level of the upward move from the low-swinging $20.748 to the $22.766 high. There is also a major connected bullish trend line forming with support near $21,800 on the hourly chart of the BTC/USD pair.
On the upside, Bitcoin price could resist near the $22,500 level. The next major resistance is near the $22.750 region. A close above the $22,750 resistance area could set the pace for further advances. In the mentioned case, the price may rise towards the $23,000 level. The next major resistance is near the $23,500 level.
Supporting Bitcoin dips?
If Bitcoin fails to clear the $22,500 resistance area, it may start a downside correction. There is immediate support on the downside near the $21,800 level.
The next major support is now near the $21,500 level and the hourly 100 SMA. A clear move below the $21,500 support level could send the price towards $20,500.
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.
Key support levels – $21,800, followed by $21,500.
The key resistance levels are $22,500, $22,750, and $23,000.