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Bitcoin is shifting in a constructive zone above the $22,000 resistance in opposition to the US Dollar. BTC may climb increased if there’s a clear transfer above the $22,500 resistance.
- Bitcoin settled above the $21,500 and $22,000 resistance ranges.
- The value is now buying and selling above $22,000 and the 100 hourly easy shifting common.
- There is a significant bullish pattern lien forming with help close to $21,800 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair is consolidating beneficial properties and may eye a recent surge above the $22,500 resistance.
Bitcoin Price Eyes More Upsides
Bitcoin value gained tempo for a transparent transfer above the $21,500 and $22,000 resistance levels. The value even settled above the $22,000 resistance zone and the 100 hourly easy shifting common.
Recently, it made an try to clear the $22,500 resistance zone. A excessive was shaped close to $22,473 earlier than the worth began a draw back correction. There was a transfer under the $22,200 degree. The value traded under the 23.6% Fib retracement degree of the upward transfer from the $21,180 swing low to $22,473 excessive.
Bitcoin value is now buying and selling above $22,000 and the 100 hourly simple moving average. There can also be a significant bullish pattern lien forming with help close to $21,800 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
On the upside, an instantaneous resistance is close to the $22,450 degree. The subsequent main resistance sits close to the $22,500 degree. An in depth above the $22,500 resistance may begin a recent surge. In the acknowledged case, the worth could maybe rise in direction of $23,200. Any extra beneficial properties may ship the worth in direction of the $24,000 resistance zone.
Dips Limited in BTC?
If bitcoin fails to clear the $22,500 resistance zone, it may begin a draw back correction. An fast help on the draw back is close to the $22,000 zone.
The subsequent main help is close to the pattern line and $21,800. It is close to 50% Fib retracement degree of the upward transfer from the $21,180 swing low to $22,473 excessive. The first main help is now forming close to the $21,500 degree. A draw back break under the $21,500 degree may ship the worth in direction of the $21,000 help.
Technical indicators:
Hourly MACD – The MACD is now shedding tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 degree.
Major Support Levels – $21,800, adopted by $21,500.
Major Resistance Levels – $22,450, $22,500 and $23,200.
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