BTC rally is not over yet?

The Bitcoin price has been on a rampage in recent times. So what will the next short-term trend look like? Where are the key support and resistance levels to watch out for?

Bitcoin price surged above the $21,500 resistance area and even decisively broke the $22,000 resistance area.

Despite the slight correction, they have risen above the $22,500 level and held well above the 100 hourly SMA.

Taking a closer look, Bitcoin price fell below the 23.6% Fib during the upward move from the $20,395 low to $24,248 high. However, the price is still trading above $22,000 and the 100 hourly SMA.

There is also another bullish trend line that has formed with support near $22,000 on the hourly chart of the BTC/USD pair. The immediate resistance is near the $23,000 level. The next major resistance lies near the $23,200 region. If the price breaks this level, the price could gain new momentum.

With this new momentum, the price is likely to record $23,500 and $24,500.

But what if Bitcoin fails to break through the $23,000 resistance. The asset will likely have to return to the support zone at around $22,400.

The next major support is near the $22,000 region and the trend line is near the 50% Fib level of the upward move from the $20,395 low to $24,248 high. Below that level, the price could record a downside and retest $21,200. Any further losses could push the price towards $20,500 in the near term.

Technical indicators:

  • Hourly Indicator – The MACD is currently losing speed in the bearish zone.
  • The hourly RSI of BTC/USD is now above the 50 level.
  • Key support levels – $22,400 and $22,000.
  • Key resistance levels – $23,000, $23,200 and $23,500.

See also: Top 5 Bitcoin Exchanges in Vietnam & the World

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