Bitcoin Price Eyes Fresh Increase To $22K, Why Dips Remain Supported

Bitcoin began a gradual improve above the $21,000 resistance in opposition to the US Greenback. BTC may rise additional in direction of $22,000 if it stays above the $20,500 help.

• Bitcoin is slowly transferring larger above the $21,000 resistance zone.
• The worth is now buying and selling above the $20,800 degree and testing the 100 hourly easy transferring common.
• There was a break above a short-term bearish pattern line with resistance close to $21,000 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair may acquire bullish momentum if it clears the $21,500 and $21,600 ranges.

Bitcoin Value Reveals Optimistic Indicators

Bitcoin value fashioned a base above the $19,200 degree and began an honest improve. The worth traded above the $20,500 resistance zone to maneuver right into a constructive zone.

The worth even gained tempo above the $21,000 degree and settled above the 100 hourly easy transferring common. A excessive was fashioned close to $21,664 earlier than there was a draw back correction. The worth traded beneath the $21,000 degree, however the bulls have been lively close to the $20,750 zone and the 100 hourly easy transferring common.

A low was fashioned close to $20,748 and the value is now rising. It broke the 23.6% Fib retracement degree of the downward transfer from the $21,664 swing excessive to $20,748 low.

There was additionally a break above a short-term bearish pattern line with resistance close to $21,000 on the hourly chart of the BTC/USD pair. On the upside, bitcoin value may resistance close to the $21,200 degree. It’s close to the 50% Fib retracement degree of the downward transfer from the $21,664 swing excessive to $20,748 low.

Supply: BTCUSD on TradingView.com

The following key resistance is close to the $21,500 zone. An in depth above the $21,500 resistance zone may set the tempo for an honest improve. Within the acknowledged case, the value could maybe rise in direction of the $22,000 degree. The following main resistance sits close to the $22,800 degree.

Dips Supported in BTC?

If bitcoin fails to clear the $21,500 resistance zone, it may begin a draw back correction. A right away help on the draw back is close to the $21,000 degree.

The following main help now sits close to the $20,750 degree and the 100 hourly SMA. A transparent transfer beneath the $20,750 help may ship the value 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 Help Ranges – $21,000, adopted by $20,750.

Main Resistance Ranges – $21,200, $21,500 and $22,000.