There was a clear break in the price of bitcoin yesterday, above the resistance levels of $19,500 and $19,800. As a result, the $20,000 barrier was surpassed by BTC to begin a quick upward climb.
The price traded at a new all-time high and settled above the 100-hour simple moving average. The bulls, when they managed to pump the market above $21,000 and $22,000, are obviously in action. There was a split over a couple of bullish continuity patters on the BTC/USD pair’s hourly chart between $19,754 and $20,900 during the increase.
As newsbtc.com reported, the pair has gained pace and has recently traded as high as $22,182. It is currently consolidating near $22,000 in gains and trading. On the downside, initial support is close to the stage of $21,700. The latest increase from the $21,251 swing low to the $22,182 high is close to the 50 percent Fib retracement mark. On the upside, the price of bitcoin could face resistance ranges of near $22,200 and $22,450. In the near term, any further upsides could lead the market towards the $23,500 level.
If a short-term downside correction begins with bitcoin, it could find support around the level of $21,700. Near the $21,600 mark is the first primary support.
In order to provide help, the 61.8% Fib retracement stage of the latest surge from the $21,251 swing low to $22,182 high is close to $21,600. In the near term, any more losses may call for a $21,000 zone test.