Reading time: ~2 m
The price of Bitcoin began a new increase from the $20,400 support zone. A base was formed and the price rose above the $21,500 resistance zone, foreshadowing a further breakout
The bulls pushed the price above the $22,000 resistance and the 55 simple moving average (4 hours). The upward movement was such that the rate rose to the resistance zone of $23,400. The maximum was formed around $23,375, and now bitcoin is consolidating profits.
There was a slight move below the Fibonacci 23.6% retracement of the up move from the swing low at $20,370 to the high at $23,375. It is now trading above $22,000 and the 55x simple moving average (4 hours). On the 4-hour chart of the BTC/USD pair, a major bullish trend line is also forming with support near $22,450.
Immediate upward resistance is near the $22,850 level. The next major resistance could be near the $23,000 zone. The first major resistance is near the $23,400 level. A clear move above the $23,400 level could send Bitcoin to $24,000, above which it could rise to the $25 level 000.
Further gains could push BTC towards the $26,200 zone. If no upside breakout occurs, the rate could fall below $22,500. The first major support lies near $22,000 or the 50% Fibonacci retracement level of the up move from the $20,370 swing low to the $23,375 high .
The next key support is near the $21,500 level, below which the rate could drop sharply. In this case, BTC could drop to the $20,400 level. Any new losses could send it to the $20,000 level.
As you can see from the chart, Bitcoin is clearly above $22,000 and the 55x simple moving average (4 hours). In general, the price of bitcoin may continue to move higher if it remains above the $21,500 resistance zone.
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