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TA: Bitcoin Price Could Surge To $22K, Why BTC Remains Supported

Aayush Jindal by Aayush Jindal
1 year ago
in BTC
Reading Time: 2 mins read

Bitcoin started a decent increase above the $20,000 resistance against the US Dollar. BTC is trading above $20,500 and eying more gains towards the $22,000 level.

  • Bitcoin is slowly moving higher above the $20,000 resistance zone.
  • The price is now trading above the $20,200 level and testing the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $20,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair might gain bullish momentum if it clears the $20,750 and $21,000 levels.

Bitcoin Price Gains Momentum

Bitcoin price formed a base above the $19,000 level and started a decent increase. The price traded above the $20,000 resistance zone to move into a positive zone.

There was a clear move above the 23.6% Fib retracement level of the downward move from the $22,500 swing high to $18,916 low. At first, the price saw a rejection near the $20,500 level. However, the bulls were active near the $19,600 level.

Bitcoin started another increase above the $20,500 resistance zone. It is now trading above the $20,200 level and testing the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $20,400 on the hourly chart of the BTC/USD pair.

On the upside, the price could resistance near the $20,750 level. It is near the 50% Fib retracement level of the downward move from the $22,500 swing high to $18,916 low. The next key resistance is near the $21,000 zone.

Bitcoin Price

Source: BTCUSD on TradingView.com

A close above the $21,000 resistance zone could set the pace for a decent increase. In the stated case, the price may perhaps rise towards the $21,650 level. The next major resistance sits near the $22,000 level.

Fresh Decline in BTC?

If bitcoin fails to clear the $20,750 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $20,500 level.

The next major support now sits near the $20,400 level and the trend line. A close below the trend line support zone could accelerate losses. In the stated case, there is a risk of a move towards the $20,000 level.

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 – $20,400, followed by $20,000.

Major Resistance Levels – $20,750, $21,000 and $21,650.

Tags: bitcoinbtcusdBTCUSDTxbtusd
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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