{"id":160566,"date":"2022-07-18T13:03:51","date_gmt":"2022-07-18T13:03:51","guid":{"rendered":"https:\/\/precoinnews.com\/?p=160566"},"modified":"2022-07-18T13:03:51","modified_gmt":"2022-07-18T13:03:51","slug":"bitcoin-recoups-above-20750-support-as-it-targets-the-22000-high","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/bitcoin-recoups-above-20750-support-as-it-targets-the-22000-high\/","title":{"rendered":"Bitcoin Recoups Above $20,750 Support as It Targets the $22,000 High"},"content":{"rendered":"
Bitcoin (BTC) price is in a downward correction after rising above the 21-day line SMA, but below the 50-day line SMA. In the last three days, the largest cryptocurrency has been trading between the moving average lines. <\/strong><\/p>\n The first hurdle for buyers is to overcome the $22,000 resistance zone. In the July 16 uptrend, buyers pushed the bitcoin price to the high of $21,606, but it fell back above the 21-day line SMA. Today, the BTC price resumed a new uptrend to reach the overriding resistance of $22,000 again. If buyers overcome the $22,000 resistance, Bitcoin will rise to the next resistance at $23,010. <\/p>\n The bears will provide tough resistance at the $23,010 high. A break of the $23,010 high will send Bitcoin above the 50-day line SMA or the $24,000 high. The BTC price will resume its upward momentum if the buyers succeed above the 50-day line SMA. The initial strength of the bulls will be a rally to the psychological price level of $30,000. Conversely, the bullish scenario will be invalidated if buyers fail to break above the $22,000 resistance zone. Instead, bitcoin will fall below the 21-day line SMA and revisit the $20,000 support. <\/p>\n Bitcoin is at level 50 of the Relative Strength Index for period 14, indicating that there is a balance between supply and demand. The price bars of the cryptocurrency are above the 21-day line SMA, but below the 50-day line SMA. This indicates that the cryptocurrency will move in a fluctuation range. Bitcoin is above the 40% range of the daily stochastic. The market is in a bullish momentum, even if the momentum is unstable.<\/p>\n <\/p>\n Major Resistance Levels – $30,000 and $35,000 <\/b><\/p>\n <\/b><\/p>\n Major Support Levels – $20,000 and $15,000<\/b><\/p>\n Bitcoin has rallied as it has risen above the 21-day line SMA and resumed its upward movement. The cryptocurrency will fluctuate between the moving average lines. The BTC price will move when the moving average lines are broken.<\/p>\n <\/p>\n Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing funds.<\/span><\/i><\/p>\nBitcoin indicator reading<\/h2>\n
Technical indicators: <\/h3>\n
What is the next direction for BTC?<\/h2>\n