Bitcoin is moving in a positive zone above the $22,000 resistance against the US Dollar. BTC could climb higher if there is a clear move above the $22,500 resistance level.
- Bitcoin closed 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 bullish trend line 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 it could see a fresh bounce above the $22,500 resistance level.
Bitcoin Price Eyes More Upward
Bitcoin price gained momentum for a clear move above the $21,500 and $22,000 resistance levels. The price even 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 high was formed near $22,473 before the price started declining. A move below the $22,200 level. The price is trading from the upside of the 23.6% Fib retracement level of the $21,180 low to $22,473 high.
Bitcoin price is now trading above $22,000 and the 100 hourly simple moving average. There is also a major bullish trend lien with support near $21,800 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
On the upside, an immediate resistance is near the $22,450 level. The next major resistance is near the $22,500 level. A fresh rally is likely to start above the $22,500 resistance level. In the alleged case, the price could rise to $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 could initiate a downside correction. On the downside, immediate support is near the $22,000 area.
The next major support is near the trend line and $21,800. It is near the 50% Fib retracement level of the upward move from the $21,180 low to $22,473 high. The first major support is now forming near the $21,500 level. A break below the $21,500 level could send the price towards the $21,000 support level.
Technical Indicators:
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 Level – $21,800, followed by $21,500.
Key Resistance Levels – $22,450, $22,500, and $23,200.