The Bitcoin price is rising sharply to $ 22K, which is why falls are still supported

Bitcoin started a steady increase over the resistance of $ 21,000 against the US dollar. BTC could rise further to $ 22,000 if it stays above the $ 20,500 support.

• Bitcoin is slowly moving higher above the $ 21,000 resistance zone.
• The price is now trading above the $ 20,800 level and testing the simple moving average of 100 hours.
• It was a break over a short-term bearish trend line with resistance near $ 21,000 on the hourly chart of the BTC / USD pair (data feed from Kraken).
• The pair could gain bullish momentum if it clears the $ 21,500 and $ 21,600 levels.

The Bitcoin price shows positive signs

The Bitcoin price formed a base above the $ 19,200 level and started a decent increase. The price traded above the $ 20,500 resistance zone to move into a positive zone.

The price even rose above the $ 21,000 level, surpassing the simple 100-hour moving average. A high was formed near $ 21,664 before a downward correction. The price traded below the $ 21,000 level, but the bulls were active near the $ 20,750 zone and the 100-hour simple moving average.

A low was formed near $ 20,748 and the price is now rising. It broke the 23.6% Fib retracement level for downward movement from $ 21,664 swing high to $ 20,748 low.

It was also a break over a short-term bearish trend line with resistance near $ 21,000 on the hourly chart of the BTC / USD pair. On the upside, the bitcoin price can withstand close to the $ 21,200 level. It is close to the 50% Fib retracement level for downward movement from $ 21,664 swing high to $ 20,748 low.

Source: BTCUSD on TradingView.com

The next key resistance is close to the $ 21,500 zone. A closing above the $ 21,500 resistance zone could set the pace for a decent increase. In that case, the price may rise to the $ 22,000 level. The next big resistance is close to the $ 22,800 level.

Dips supported in BTC?

If bitcoin fails to clear the $ 21,500 resistance zone, it may initiate a downward correction. Immediate support on the downside is close to the $ 21,000 level.

The next big support is now close to the $ 20 750 level and 100 hour SMA. A clear move below the $ 20,750 support could send the price up to $ 20,500.

Technical indicators:

Time-based MACD – MACD is now increasing its speed in the bullish zone.

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

Large support levels – $ 21,000, followed by $ 20,750.

Large resistance levels – $ 21,200, $ 21,500 and $ 22,000.