- Bitcoin started a strong increase above the $21,500 resistance.
- The price is above $22,000 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $21,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to face strong selling interest near $22,600 and $22,800.
Bitcoin price soars above $22,000
Bitcoin price found strong support near the $19,500 area. BTC formed a base and started a sharp rise above the $20,000 resistance.
It is clearly above the $20,500 and $21,200 resistance levels. Moreover, there was a break above a major bearish trend line with resistance near $21,250 on the hourly chart of the BTC/USD pair. The pair even broke the $21,500 resistance.
Bitcoin price is above $22,000 and the 100 hourly simple moving average. A high was formed near $22,765 and the price is now correcting lower.
It is trading well above the 23.6% Fib retracement level of the $22,765 swing low to $22,765 swing low. Immediate resistance is near $22,600. The next major resistance is near the $22,800 area.
Source: BTCUSD on TradingView.com
A close above the $22,800 resistance could start a sharp increase in the coming days. The next key resistance is around the $23,200 area, above which the price could gain bullish momentum and test $24,000.
Is BTC Supporting the Fall?
If bitcoin price fails to clear the $22,600 resistance, it could turn lower. An immediate support on the downside is around the $22,000 area.
The next major support is near the $21,750 area, below which is the 50% Fib retracement level of a possible decline to $21,150 or a rise from the $19,549 swing low to $22,765 high. The next major support is near $20,800 and the 100 hourly simple moving average. Any more losses could push the price towards the $20,000 level.
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now in the overbought zone.
Major Support Levels – $22,000, then $21,750.
Major resistance levels – $22,600, $22,800 and $23,200.
Information source: compiled from NEWSBTC by 0x information.Copyright belongs to the author, without permission, may not be reproduced