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Bitcoin gained tempo and even spiked above the $22,000 resistance in opposition to the US Dollar. BTC is correcting positive aspects, however dips is perhaps restricted beneath $21,500.
- Bitcoin was ready to clear the $21,200 and $21,500 resistance ranges.
- The worth is now buying and selling above $21,500 and the 100 hourly easy transferring common.
- There is a key bullish development lien forming with assist close to $21,600 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair is correcting positive aspects, however dips is perhaps restricted beneath the $21,500 degree.
Bitcoin Price Starts Fresh Rally
Bitcoin worth remained properly bid above the $20,000 degree and began a fresh increase. There was a transparent transfer above the $21,000 and $21,200 resistance ranges.
The worth even surpassed the $21,500 resistance and spiked above the $22,000 resistance. A excessive was shaped close to $22,347 and the value not too long ago began a draw back correction. There was a transfer beneath the $22,000 and $21,850 ranges.
Bitcoin worth traded beneath the 23.6% Fib retracement degree of the latest enhance from the $21,180 swing low to $22,347 excessive. It is now buying and selling above $21,500 and the 100 hourly simple moving average. Besides, there’s a key bullish development lien forming with assist close to $21,600 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
On the upside, an instantaneous resistance is close to the $22,000 degree. The subsequent main resistance sits close to the $22,350 degree. A transparent transfer above the $22,350 resistance may begin one other regular enhance. In the said case, the value might maybe rise in direction of $22,800. Any extra positive aspects may ship the value in direction of the $23,200 resistance zone.
Dips Limited in BTC?
If bitcoin fails to achieve tempo above the $22,000 zone, it may begin a draw back correction. An speedy assist on the draw back is close to the $21,700 zone.
The 50% Fib retracement degree of the latest enhance from the $21,180 swing low to $22,347 excessive can be close to $21,700. The first main assist is now forming close to the $21,600 degree. A draw back break beneath the $21,600 degree may ship the value in direction of the $21,200 assist.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 degree.
Major Support Levels – $21,700, adopted by $21,600.
Major Resistance Levels – $22,000, $22,350 and $23,200.
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