Bitcoin price rose higher above $21,000. BTC is rising and could target a move to the $22,000 resistance zone in the near term.
- Bitcoin rose higher above the $20,000 and $20,500 resistance levels.
- The price is trading above $20,200 and the hourly moving average is 100.
- There is a major bullish trend line formed with support near $20,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair may rise above the $21,500 resistance zone in the near term.
Bitcoin Price Gains Bullish Momentum
Bitcoin price gained strong bullish momentum and settled above the $20,000 resistance zone. BTC even rose above the $20,500 level to move into the positive zone.
The price consolidated for some time above the $20,500 level. A high formed near $21,484 and the current price shows signs of more upsides. It is currently trading above $20,200 and the hourly simple moving average is 100. There is also a major bullish trend line formed with support near $20,500 on the hourly chart of the BTC/USD pair.
It is also trading above the 23.6% Fib retracement level of the upward move from the $20,248 swing low to the $21,484 high. On the upside, immediate resistance is near the $21,500 level.
Source: BTCUSD on TradingView.com
The next major resistance is close to the $21,850 zone, above which the price may increase again. In that case, the price may rise to the $22,000 level. Another gain could send the btc price to the $22,500 level.
Downside Correction in BTC?
If the price of bitcoin fails to clear the $21,500 resistance, it can start a downward correction. Immediate support at the bottom near the $21,000 level.
The next major support is near the $20,500 level and the trend line. It is near the 61.8% Fib retracement level of the upward move from the $20,248 swing low to the $21,484 high. The main support is currently near the $20,200 level, below which the price could again reach $19,000.
Technical indicators:
Hourly MACD – MACD is currently gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.
Main Support Level – $20,500, followed by $20,200.
Key Resistance Levels – $21,500, $22,000 and $22,500.