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

Bitcoin gained tempo and even spiked above the $22,000 resistance in opposition to the US Dollar. BTC is correcting features, however dips is likely to be restricted beneath $21,500.

  • Bitcoin was ready to clear the $21,200 and $21,500 resistance ranges.
  • The price is now buying and selling above $21,500 and the 100 hourly easy shifting common.
  • There is a key bullish development lien forming with assist close to $21,600 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair is correcting features, however dips is likely to be restricted beneath the $21,500 degree.

Bitcoin Price Starts Fresh Rally

Bitcoin price remained properly bid above the $20,000 degree and began a contemporary improve. There was a transparent transfer above the $21,000 and $21,200 resistance ranges.

The price even surpassed the $21,500 resistance and spiked above the $22,000 resistance. A excessive was shaped close to $22,347 and the price lately began a draw back correction. There was a transfer beneath the $22,000 and $21,850 ranges.

Bitcoin price traded beneath the 23.6% Fib retracement degree of the current improve from the $21,180 swing low to $22,347 excessive. It is now buying and selling above $21,500 and the 100 hourly easy shifting common. Besides, there’s a key bullish development lien forming with assist close to $21,600 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

On the upside, an instantaneous resistance is close to the $22,000 degree. The subsequent main resistance sits close to the $22,350 degree. A transparent transfer above the $22,350 resistance may begin one other regular improve. In the said case, the price might maybe rise in direction of $22,800. Any extra features may ship the price in direction of the $23,200 resistance zone.

Dips Limited in BTC?

If bitcoin fails to acquire tempo above the $22,000 zone, it may begin a draw back correction. An fast assist on the draw back is close to the $21,700 zone.

The 50% Fib retracement degree of the current improve from the $21,180 swing low to $22,347 excessive can be close to $21,700. The first main assist is now forming close to the $21,600 degree. A draw back break beneath the $21,600 degree may ship the price in direction of the $21,200 assist.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bearish zone.

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

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

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

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