StyleKandi
Bitcoin

TA: Bitcoin Holds Strong Above $22K, Why BTC Could Resume Its Rally

Bitcoin worth prolonged its rally above $21,500 and $23,000 towards the US Dollar. BTC traded to a brand new all-time excessive close to $23,215 earlier than correcting positive aspects.

  • Bitcoin began a short-term draw back correction after buying and selling as excessive as $23,715.
  • The worth is at present holding the $22,350 help and it’s properly above the 100 hourly easy shifting common.
  • There was a break above a key contracting triangle with resistance close to $22,850 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair is more likely to resume its upward transfer so long as it’s above the $22,350 help zone.

Bitcoin Price is Forming Key Support Base

Yesterday, there was a large upward transfer in bitcoin worth above the $20,000 resistance. BTC surged over 20% and it even broke the $22,000 resistance stage. The upward transfer gained tempo above the $23,000 stage and the worth settled properly above the 100 hourly easy shifting common.

Read More:  FUN and Games: Altcoin Drastically Pumps And Dumps Against Bitcoin

The worth traded to a brand new all-time excessive at $23,715 earlier than it began a draw back correction. There was a break beneath the $23,000 and $22,800 ranges. However, the bulls had been in a position to shield the worth from diving beneath $22,000.

A swing low was shaped close to $22,263 and the worth began forming a base above $22,350. It climbed again above the $22,500 and $22,600 ranges. There was additionally a break above the 50% Fib retracement stage of the latest decline from the $23,715 excessive to $22,263 low.

Source: BTCUSD on TradingView.com

There was additionally a break above a key contracting triangle with resistance close to $22,850 on the hourly chart of the BTC/USD pair. Bitcoin worth is now struggling to settle above the $23,000 stage.

The first key resistance is close to the $23,160 stage. It is near the 61.8% Fib retracement stage of the latest decline from the $23,715 excessive to $22,263 low. A profitable shut above the $23,160 stage might open the doorways for a contemporary enhance in the direction of the $23,700 and $24,000 ranges within the close to time period.

Read More:  TA: Bitcoin Surges 20% To New ATH, Why BTC May Soon Test $50K

Downsides Supported in BTC?

If bitcoin begins one other short-term draw back correction, it might discover help close to the $22,500 stage. The first key help is close to the $22,350 stage.

A draw back break beneath the $22,350 help base could probably spark an prolonged decline. In the acknowledged case, the worth might even decline beneath the $22,000 help stage.

Technical indicators:

Hourly MACD – The MACD is more likely to transfer again into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is at present properly above the 50 stage.

Major Support Levels – $22,500, adopted by $22,350.

Major Resistance Levels – $23,000, $23,160 and $23,700.

EditorialTeam

Add comment