Bitcoin price is rising above $22,000 against the US Dollar. BTC might extend gains if there is a clear move above the $23,375 resistance zone.
Bitcoin Price Analysis
Bitcoin price started a fresh increase from the $20,400 support zone. A base was formed and the price climbed higher above the $21,500 resistance zone.
The bulls pushed the price above the $22,000 resistance and the 55 simple moving average (4-hours). The upward move was such that the price climbed towards the $23,400 resistance zone. A high is formed near $23,375 and the price is now consolidating gains.
There was a minor move below the 23.6% Fib retracement level of the upward move from the $20,370 swing low to $23,375 high. It is now trading above $22,000 and the 55 simple moving average (4-hours). There is also a major bullish trend line forming with support near $22,450 on the 4-hours chart of the BTC/USD pair.
An immediate resistance on the upside is near the $22,850 level. The next major resistance might near the $23,000 zone. The first major resistance is near the $23,400 level. A clear move above the $23,400 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 $22,500 level. The first major support is near $22,000 or the 50% Fib retracement level of the upward move from the $20,370 swing low to $23,375 high.
The next key support is near the $21,500 level, below which the price might accelerate lower. In the stated case, the price could decline towards the $20,400 level. Any more losses might send the price towards the $20,000 level.
Looking at the chart, bitcoin price is clearly trading above $22,000 and the 55 simple moving average (4-hours). Overall, the price could continue to move up if it stays above the $21,500 resistance zone.
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 – $22,400 and $21,500.
Key Resistance Levels – $22,850, $23,400 and $25,000.
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