TA: Bitcoin Price Breaking This Confluence Resistance Could Spark Major Surge

Sep 12, 2022

Metablox NFT save memories to the blockchain

OWN PLACES • SAVE MEMORIES

Everyday we create memories that are attached to places, but how will future generations know what happened to us? 

Metablox is saving our most important memories on the blockchain, and you can own the real world places the memories happened.

TA: Bitcoin Price Breaking This Confluence Resistance Could Spark Major Surge

Originally posted here.
By: Aayush Jindal

Overview

Bitcoin is moving in a positive zone above the $22,000 resistance against the US Dollar. BTC could climb higher if there is a clear move above the $22,500 resistance. Bitcoin settled above the $21,500 and $22,000 resistance levels. The price is now trading above $22,000 and the 100 hourly simple moving average. There is a major bullish trend lien forming with support near $21,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is consolidating gains and might eye a fresh surge above the $22,500 resistance. Bitcoin Price Eyes More Upsides Bitcoin price gained pace for a clear move above the $21,500 and $22,000 resistance levels. The price even settled above the $22,000 resistance zone and the 100 hourly simple moving average. Recently, it made an attempt to clear the $22,500 resistance zone. A high was formed near $22,473 before the price started a downside correction. There was a move below the $22,200 level. The price traded below the 23.6% Fib retracement level of the upward move from the $21,180 swing low to $22,473 high. Bitcoin price is now trading above $22,000 and the 100 hourly simple moving average. There is also a major bullish trend lien forming with support near $21,800 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com On the upside, an immediate resistance is near the $22,450 level. The next major resistance sits near the $22,500 level. A close above the $22,500 resistance might start a fresh surge. In the stated case, the price may perhaps rise towards $23,200. Any more gains might send the price towards the $24,000 resistance zone. Dips Limited in BTC? If bitcoin fails to clear the $22,500 resistance zone, it could start a downside correction. An immediate support on the downside is near the $22,000 zone. The next major support is near the trend line and $21,800. It is near 50% Fib retracement level of the upward move from the $21,180 swing low to $22,473 high. The first major support is now forming near the $21,500 level. A downside break below the $21,500 level might send the price towards the $21,000 support. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $21,800, followed by $21,500. Major Resistance Levels – $22,450, $22,500 and $23,200.

The Post

Bitcoin is moving in a positive zone above the $22,000 resistance against the US Dollar. BTC could climb higher if there is a clear move above the $22,500 resistance.

Bitcoin settled above the $21,500 and $22,000 resistance levels.

The price is now trading above $22,000 and the 100 hourly simple moving average.

There is a major bullish trend lien forming with support near $21,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair is consolidating gains and might eye a fresh surge above the $22,500 resistance.

Bitcoin Price Eyes More Upsides

Bitcoin price gained pace for a clear move above the $21,500 and $22,000 resistance levels . The price even settled above the $22,000 resistance zone and the 100 hourly simple moving average.

Recently, it made an attempt to clear the $22,500 resistance zone. A high was formed near $22,473 before the price started a downside correction. There was a move below the $22,200 level. The price traded below the 23.6% Fib retracement level of the upward move from the $21,180 swing low to $22,473 high.

Bitcoin price is now trading above $22,000 and the 100 hourly simple moving average . There is also a major bullish trend lien forming with support near $21,800 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

On the upside, an immediate resistance is near the $22,450 level. The next major resistance sits near the $22,500 level. A close above the $22,500 resistance might start a fresh surge. In the stated case, the price may perhaps rise towards $23,200. Any more gains might send the price towards the $24,000 resistance zone.

Dips Limited in BTC?

If bitcoin fails to clear the $22,500 resistance zone, it could start a downside correction. An immediate support on the downside is near the $22,000 zone.

The next major support is near the trend line and $21,800. It is near 50% Fib retracement level of the upward move from the $21,180 swing low to $22,473 high. The first major support is now forming near the $21,500 level. A downside break below the $21,500 level might send the price towards the $21,000 support.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

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

Major Support Levels – $21,800, followed by $21,500.

Major Resistance Levels – $22,450, $22,500 and $23,200.

SHARE THIS POST

Add your voice!Join the conversation on Discord...