Bitcoin value climbed additional larger above $21,000. BTC is rising and would possibly purpose a transfer in the direction of the $22,000 resistance zone within the close to time period.
- Bitcoin climbed additional larger above the $20,000 and $20,500 resistance ranges.
- The worth is buying and selling above $20,200 and the 100 hourly easy shifting common.
- There’s a main bullish development line forming with help close to $20,500 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair may rise additional above the $21,500 resistance zone within the close to time period.
Bitcoin Value Features Bullish Momentum
Bitcoin value gained a robust bullish momentum and settled above the $20,000 resistance zone. BTC even climbed above the $20,500 degree to maneuver right into a constructive zone.
The worth consolidated for a while above the $20,500 degree. A excessive is fashioned close to $21,484 and the worth is now displaying indicators of extra upsides. It’s now buying and selling above $20,200 and the 100 hourly easy shifting common. There may be additionally a significant bullish development line forming with help close to $20,500 on the hourly chart of the BTC/USD pair.
It’s also buying and selling above the 23.6% Fib retracement degree of the upward transfer from the $20,248 swing low to $21,484 excessive. On the upside, an instantaneous resistance is close to the $21,500 degree.
Supply: BTCUSD on TradingView.com
The following main resistance is close to the $21,850 zone, above which the worth would possibly begin one other regular enhance. Within the said case, the worth might maybe rise in the direction of the $22,000 degree. Any extra positive aspects would possibly ship btc value in the direction of the $22,500 degree.
Draw back Correction in BTC?
If bitcoin value fails to clear the $21,500 resistance, it may begin a draw back correction. An instantaneous help on the draw back is close to the $21,000 degree.
The following main help is close to the $20,500 degree and the development line. It’s close to the 61.8% Fib retracement degree of the upward transfer from the $20,248 swing low to $21,484 excessive. The principle help is now forming close to the $20,200 degree, beneath which the worth would possibly retest $19,000.
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 degree.
Main Help Ranges – $20,500, adopted by $20,200.
Main Resistance Ranges – $21,500, $22,000 and $22,500.
