The price of Bitcoin is up over 12% and broke many barriers near $ 20,000 and $ 22,000 against the US Dollar. BTC is showing strong bullish signals and could continue to rise in the near term.
- Bitcoin started a strong surge after it cleared the $ 19,800 and $ 20,000 resistance levels.
- The price is currently well above the $ 21,500 level and the 100-hour simple moving average.
- A break above a couple of bullish continuity patterns was near $ 19,754 and $ 20,900 on the hourly chart of the BTC / USD pair (data feed from Kraken).
- The pair could shrink lower, but setbacks could find support near $ 21,600 or $ 21,250.
The Price of Bitcoin is a Surge
Yesterday, a noticeable cut in the price of bitcoin exceeded the $ 19,500 and $ 19,800 resistance levels. As a result, BTC broke the $ 20,000 barrier to start moving up strong.
The price was always trading to a new peak and settled above the 100-hour simple moving average. The bulls are clearly in action, as they manage to pump the price above $ 21,000 and $ 22,000. During the rise, there has been a break above a couple of bullish continuity patterns near $ 19,754 and $ 20,900 on the hourly chart of the BTC / USD pair.
Source: BTCUSD on TradingView.com
The pair gained speed and recently traded as high as $ 22,182. It is currently consolidating earnings and trading near $ 22,000. On the downside, initial support is close to the $ 21,700 level. It’s close to the 50% Fib rating level of the recent surge from the $ 21,251 swing low to $ 22,182 high.
On the upside, the price of bitcoin could face resistance near $ 22,200 and $ 22,450 levels. Any other highs could drive the price toward the $ 23,500 level in the near term.
Disadvantages Supported in BTC?
If bitcoin initiates a short-term disadvantage correction, it could find support near the $ 21,700 level. The first key support is close to the $ 21,600 level.
The Fib level is 61.8% from the recent surge of the $ 21,251 swing low to $ 22,182 high of nearly $ 21,600 to provide support. Any further losses may possibly require a test of the $ 21,000 zone in the near term.
MACD per hour – The MACD shows many positive signs in the bullish zone.
RSI per hour (Relative Strength Index) – Currently the RSI for BTC / USD is well in the over-thinking zone.
Major Support Levels – $ 21,700, followed by $ 21,600.
Major Resistance Levels – $ 22,200, $ 22,450 and $ 23,500.