Bitcoin worth continued to climb above $21,000. BTC is rising and will goal a transfer in the direction of the $22,000 resistance zone within the close to time period.

• Bitcoin continued to climb above the $20,000 and $20,500 resistance ranges.
• The worth is trading above $20,200 and the 100 hourly easy transferring common.
• There’s a main bullish pattern line forming with assist close to $20,500 on the hourly chart of the BTC/USD pair (knowledge feed by Kraken).
• The pair may proceed higher above the $21,500 resistance zone within the brief time period.

Bitcoin worth is gaining bullish momentum

Bitcoin worth gained robust bullish momentum and settled above the $20,000 resistance zone. BTC even scaled above $20,500 and moved right into a constructive zone.

The worth consolidated above the $20,500 level for some time. A high is forming close to $21,484 and the value is now exhibiting indicators of additional upside. It’s now trading above $20,200 and the 100 hourly easy transferring common. There’s additionally a significant bullish pattern line forming with assist close to $20,500 on the hourly chart of the BTC/USD pair.

It is usually trading above the 23.6% Fib retracement level of the transfer higher from the $20,248 swing low to $21,484 high. On the upside, there’s a right away resistance close to $21,500.

Supply: BTCUSD on TradingView.com

The following main resistance is close to the $21,850 zone, above which the value may begin one other regular rise. Within the talked about case, the value may maybe rally in the direction of the $22,000 level. Additional features may propel the BTC worth in the direction of the $22,500 level.

Downward Correction in BTC?

If bitcoin worth fails to clear the $21,500 resistance, it’d begin a draw back correction. Fast assist on the draw back is close to $21,000.

The following main assist is close to $20,500 and the pattern line. It’s close to the 61.8% Fib retracement level of the transfer higher from the $20,248 swing low to $21,484 high. The principle assist is now forming close to the $20,200 level, under which the value may retest the $19,000 level.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bullish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now above the 50 level.

Key assist ranges – $20,500 adopted by $20,200.

Main resistance ranges – $21,500, $22,000 and $22,500.