TA: Bitcoin Price Eyes Fresh Increase To $22K, Why Dips Remain Supported – NewsBTC
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Bitcoin started a steady increase above the $21,000 resistance against the US Dollar. BTC could rise further towards $22,000 if it stays above the $20,500 support.
Bitcoin price formed a base above the $19,200 level and started a decent increase. The price traded above the $20,500 resistance zone to move into a positive zone.
The price even gained pace above the $21,000 level and settled above the 100 hourly simple moving average. A high was formed near $21,664 before there was a downside correction. The price traded below the $21,000 level, but the bulls were active near the $20,750 zone and the 100 hourly simple moving average.
A low was formed near $20,748 and the price is now rising. It broke the 23.6% Fib retracement level of the downward move from the $21,664 swing high to $20,748 low.
There was also a break above a short-term bearish trend line with resistance near $21,000 on the hourly chart of the BTC/USD pair. On the upside, bitcoin price could resistance near the $21,200 level. It is near the 50% Fib retracement level of the downward move from the $21,664 swing high to $20,748 low.
The next key resistance is near the $21,500 zone. A close above the $21,500 resistance zone could set the pace for a decent increase. In the stated case, the price may perhaps rise towards the $22,000 level. The next major resistance sits near the $22,800 level.
If bitcoin fails to clear the $21,500 resistance zone, it could start a downside correction. An immediate support on the downside is near the $21,000 level.
The next major support now sits near the $20,750 level and the 100 hourly SMA. A clear move below the $20,750 support might send the price towards $20,500.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $21,000, followed by $20,750.
Major Resistance Levels – $21,200, $21,500 and $22,000.
Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.
NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.
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August 1, 2022 at 11:53AM