Bitcoin Price Analysis: BTC Rally Could Extend Above $22K

Bitcoin price started a fresh increase from the $18,750 zone against the US Dollar. The price is now trading above $20,000 and the 55 simple moving average (4-hours). There is a key bullish trend line forming with support near $20,950 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase). The pair could […]

Don't got time to read? Listen it & multi task
  • Bitcoin price started a fresh increase from the $18,750 zone against the US Dollar.
  • The price is now trading above $20,000 and the 55 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $20,950 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair could continue to move up if it stays above the $20,000 resistance zone.

Bitcoin price is rising above $20,000 against the US Dollar. BTC might extend gains if there is a clear move above the $21,500 resistance zone.

Bitcoin Price Analysis

Bitcoin price started a fresh increase from the $18,750 support zone. A base was formed and the price climbed higher above the $19,500 resistance zone.

The bulls pushed the price above the $20,000 resistance and the 55 simple moving average (4-hours). The upward move was such that the price climbed towards the $21,500 resistance zone. A high is formed near $21,595 and the price is now consolidating gains.

It is now trading above $20,000 and the 55 simple moving average (4-hours). There is also a key bullish trend line forming with support near $20,950 on the 4-hours chart of the BTC/USD pair.

An immediate resistance on the upside is near the $21,500 level. The next major resistance might near the $22,000 zone. The first major resistance is near the $22,500 level. A clear move above the $22,500 level might send the price towards $24,000, above which the price might rise towards the $25,000 level.

Any more gains might push the price towards the $26,200 zone. If there is no upside break, the price might decline below the $21,000 level. The first major support is near $20,900 or the 23.6% Fib retracement level of the upward move from the $18,714 swing low to $21,595 high.

The next key support is near the $20,500 level. It is close to the 50% Fib retracement level of the upward move from the $18,714 swing low to $21,595 high, below which the price might accelerate lower.

In the stated case, the price could decline towards the $19,450 level. Any more losses might send the price towards the $18,000 level.

Bitcoin Price

Looking at the chart, bitcoin price is clearly trading above $20,000 and the 55 simple moving average (4-hours). Overall, the price could continue to move up if it stays above the $20,000 resistance zone.

Technical Indicators

4 hours MACD – The MACD is now gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.

Key Support Levels – $20,900 and $20,500.

Key Resistance Levels – $21,500, $22,000 and $22,500.

The post Bitcoin Price Analysis: BTC Rally Could Extend Above $22K appeared first on Live Bitcoin News.

Latest articles by Glenn Nasta

hyrotrade
HyroTrade Cryptocurrency Trading Platform Review and Experience
Voltreum
Voltreum Announces a P2P Blockchain-Based Strategy to Trade Energy
hyrotrade review, trading offers thumbnail
Margin Trading, Copy Trading, Competitions: What Else Does Hyrotrade Offer?
Voltreum
Voltreum – A New Way to Share Energy Through Blockchain Technology
Translate »