Bitcoin gained ground and even broke through the $ 22,000 resistance against the US dollar. BTC is correcting the gains, but the downside could be limited to below $ 21,500.
Bitcoin was able to break through the $ 21,200 and $ 21,500 resistance levels.
The price is now trading above $ 21,500 and the hourly simple moving average of 100.
There is a key uptrend pledge forming with support near $ 21,600 on the hourly chart of the BTC / USD pair (Kraken data feed).
The pair is correcting gains, but the downside may be limited below the $ 21,500 level.
The price of bitcoin begins a new rally
The price of bitcoin remained well above the $ 20,000 level and started a new rise. There was a clear move above the $ 21,000 and $ 21,200 resistance levels.
The price even broke through the $ 21,500 resistance and broke through the $ 22,000 resistance. It has formed a high near $ 22,347 and the price has recently started a downward correction. There was a move below the $ 22,000 and $ 21,850 levels.
Bitcoin price traded below the 23.6% Fibonacci retracement level of the recent rise from the low of $ 21,180 to the high of $ 22,347. It is now trading above $ 21,500 and the 100-hour simple moving average. Furthermore, a key bullish trend pledge is forming with support near $ 21,600 on the hourly chart of the BTC / USD pair.
limited heat in BTC?
If Bitcoin fails to gain pace above the $ 22,000 zone, a downward correction may begin. Immediate bearish support is near the $ 21,700 zone.
The 50% Fib retracement level of the recent rise from the low of $ 21,180 to the high of $ 22,347 is also close to $ 21,700. The first major support is now forming near the $ 21,600 level. A break below the $ 21,600 level could send the price towards the $ 21,200 support.
Technical indicators:
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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