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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

TA: Bitcoin Price Rockets to $22k, Next Bullish Levels Traders Should Watch

Mumtaz Batool
Mumtaz Batool
4 months ago
2 mins read
Bitcoin

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Bitcoin gained pace and even spiked above the $22,000 resistance against the US Dollar. BTC is correcting gains, but dips might be limited below $21,500.

  • Bitcoin was able to clear the $21,200 and $21,500 resistance levels.
  • The price is now trading above $21,500 and the 100 hourly simple moving average.
  • There is a key bullish trend lien forming with support near $21,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is correcting gains, but dips might be limited below the $21,500 level.

Bitcoin Price Starts Fresh Rally

Bitcoin price remained well bid above the $20,000 level and started a fresh increase. There was a clear move above the $21,000 and $21,200 resistance levels.

The price even surpassed the $21,500 resistance and spiked above the $22,000 resistance. A high was formed near $22,347 and the price recently started a downside correction. There was a move below the $22,000 and $21,850 levels.

Bitcoin price traded below the 23.6% Fib retracement level of the recent increase from the $21,180 swing low to $22,347 high. It is now trading above $21,500 and the 100 hourly simple moving average. Besides, there is a key bullish trend lien forming with support near $21,600 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Source: BTCUSD on TradingView.com

On the upside, an immediate resistance is near the $22,000 level. The next major resistance sits near the $22,350 level. A clear move above the $22,350 resistance might start another steady increase. In the stated case, the price may perhaps rise towards $22,800. Any more gains might send the price towards the $23,200 resistance zone.

Dips Limited in BTC?

If bitcoin fails to gain pace above the $22,000 zone, it could start a downside correction. An immediate support on the downside is near the $21,700 zone.

The 50% Fib retracement level of the recent increase from the $21,180 swing low to $22,347 high is also near $21,700. The first major support is now forming near the $21,600 level. A downside break below the $21,600 level might send the price towards the $21,200 support.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

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

Major Support Levels – $21,700, followed by $21,600.

Major Resistance Levels – $22,000, $22,350 and $23,200.

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Mumtaz Batool
Mumtaz Batool

Mumtaz Batool

Mamtaz Batool is a finance and cryptocurrency enthusiast who has been writing about Bitcoin and the blockchain since 2022. She is an author at Bitcoinist and NewsBTC, and she also runs his blog, where he writes about all things related to crypto and finance.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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