Bitcoin Price Could Surge To $22K, Why BTC Remains Supported

Bitcoin began an honest improve above the $20,000 resistance in opposition to the US Greenback. BTC is buying and selling above $20,500 and eying extra positive factors in direction of the $22,000 stage.

  • Bitcoin is slowly transferring greater above the $20,000 resistance zone.
  • The worth is now buying and selling above the $20,200 stage and testing the 100 hourly easy transferring common.
  • There’s a key bullish development line forming with assist close to $20,400 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair may achieve bullish momentum if it clears the $20,750 and $21,000 ranges.

Bitcoin Value Beneficial properties Momentum

Bitcoin value fashioned a base above the $19,000 stage and began an honest improve. The worth traded above the $20,000 resistance zone to maneuver right into a optimistic zone.

There was a transparent transfer above the 23.6% Fib retracement stage of the downward transfer from the $22,500 swing excessive to $18,916 low. At first, the worth noticed a rejection close to the $20,500 stage. Nevertheless, the bulls have been lively close to the $19,600 stage.

Bitcoin began one other improve above the $20,500 resistance zone. It’s now buying and selling above the $20,200 stage and testing the 100 hourly easy transferring common. There may be additionally a key bullish development line forming with assist close to $20,400 on the hourly chart of the BTC/USD pair.

On the upside, the worth may resistance close to the $20,750 stage. It’s close to the 50% Fib retracement stage of the downward transfer from the $22,500 swing excessive to $18,916 low. The following key resistance is close to the $21,000 zone.

Supply: BTCUSD on TradingView.com

An in depth above the $21,000 resistance zone may set the tempo for an honest improve. Within the acknowledged case, the worth could maybe rise in direction of the $21,650 stage. The following main resistance sits close to the $22,000 stage.

Contemporary Decline in BTC?

If bitcoin fails to clear the $20,750 resistance zone, it may begin a recent decline. A direct assist on the draw back is close to the $20,500 stage.

The following main assist now sits close to the $20,400 stage and the development line. An in depth beneath the development line assist zone may speed up losses. Within the acknowledged case, there’s a threat of a transfer in direction of the $20,000 stage.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bullish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now above the 50 stage.

Main Assist Ranges – $20,400, adopted by $20,000.

Main Resistance Ranges – $20,750, $21,000 and $21,650.

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