Bitcoin gained tempo above the $22,000 resistance in opposition to the US Greenback. BTC might rise additional in direction of $23,000 if it stays above the $21,500 help.
- Bitcoin is up over 5% and there was a transfer above the $22,000 resistance zone.
- The worth is now buying and selling above the $21,800 degree and testing the 100 hourly easy shifting common.
- There’s a key connecting bullish pattern line forming with help close to $21,800 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair may proceed to rise if it clears the $22,500 and $22,600 ranges.
Bitcoin Worth Positive aspects Momentum
Bitcoin worth remained supported above the $20,500 zone. The worth began a good improve and was in a position to clear the $21,500 resistance zone.
The bulls even pumped the worth above the $22,000 resistance zone. The worth traded as excessive as $22,766 and settled above the 100 hourly easy shifting common. Lately, there was a draw back correction under the $22,500 degree.
Bitcoin dipped under the 50% Fib retracement degree of the upward transfer from the $20,748 swing low to $22,766 excessive. Nevertheless, the bulls had been lively close to the $21,500 help zone and the 100 hourly simple moving average.
The worth stayed above the 61.8% Fib retracement degree of the upward transfer from the $20,748 swing low to $22,766 excessive. There may be additionally a key connecting bullish pattern line forming with help close to $21,800 on the hourly chart of the BTC/USD pair.
On the upside, bitcoin worth might resistance close to the $22,500 degree. The subsequent key resistance is close to the $22,750 zone. An in depth above the $22,750 resistance zone might set the tempo for extra upsides. Within the acknowledged case, the worth could maybe rise in direction of the $23,000 degree. The subsequent main resistance sits close to the $23,500 degree.
Dips Supported in BTC?
If bitcoin fails to clear the $22,500 resistance zone, it might begin a draw back correction. An instantaneous help on the draw back is close to the $21,800 degree.
The subsequent main help now sits close to the $21,500 degree and the 100 hourly SMA. A transparent transfer under the $21,500 help may ship the worth in direction of $20,500.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bullish zone.
Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now above the 50 degree.
Main Assist Ranges – $21,800, adopted by $21,500.
Main Resistance Ranges – $22,500, $22,750 and $23,000.