Bitcoin rose faster than the $22,000 resistance against US Dollar. If it holds above $21,500, BTC could climb further to $23,000
- Bitcoin rose more than 5%, and there was a move over the $22,000 resistance zone.
- The price is currently trading above $21,800 and testing 100 hourly simple moving Average.
- The hourly chart of BTC/USD shows a bullish trend line connecting with support at $21,800 (data feed from Kraken).
- If it reaches $22,500 or $22,600, the pair could continue to rise.
Bitcoin Price Gains Momentum
The Bitcoin price was supported above the $20,000.500 level. The price experienced a substantial increase and was able surpass the $21,500 resistance area.
Bulls even drove the price higher than the $22,000 resistance level. The price reached $22,766 and closed above the 100 hourly simple moving mean. Recently, the price fell below $22,500.
Bitcoin fell below the 50% Fib level of the upward swing from the $20748 swing low to the $22,766 high. However, bulls were active close to the $21,500 support area and the 100-hourly simple moving average.
The price was above the 61.8% Fib Retracement level of an upward move from the $20.748 swing low to the $22,766 high. On the hourly chart for the BTC/USD pair, there is a key connecting bullish pattern line with support at $21,800.
Bitcoin price could be able to hold the $22,500 mark. The $22,750 zone is the next key resistance. The pace could be set for more upsides if the resistance zone is breached at or near $22,750. In this scenario, the price may rise to $23,000. The $23,500 mark is the next major resistance.
BTC Supported Dips
Bitcoin could begin a downtrend if it fails to clear $22,500 resistance. The $21,800 level is an immediate support for the downside.
The $21,500 level is the next major support and the 100 hourly SMA are the next two. A clear move below $21,500 support could push the price towards $20,000.
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.
Major Support Levels – $21,800, followed by $21,500.
Major Resistance Levels – $22,500, $22,750 and $23,000.