{"id":452575,"date":"2020-12-18T03:48:01","date_gmt":"2020-12-18T03:48:01","guid":{"rendered":"https:\/\/wncen.com\/?p=452575"},"modified":"2024-06-11T14:12:08","modified_gmt":"2024-06-11T14:12:08","slug":"ta-bitcoin-holds-strong-above-22k-why-btc-could-resume-its-rally","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ta-bitcoin-holds-strong-above-22k-why-btc-could-resume-its-rally\/","title":{"rendered":"TA: Bitcoin Holds Strong Above $22K, Why BTC Could Resume Its Rally"},"content":{"rendered":"<p><em>Bitcoin price extended its rally above $21,500 and $23,000 against the US Dollar. BTC traded to a new all-time high near $23,215 before correcting gains.<\/em><\/p>\n<ul>\n<li>Bitcoin started a short-term downside correction after trading as high as $23,715.<\/li>\n<li>The price is currently holding the $22,350 support and it is well above the 100 hourly simple moving average.<\/li>\n<li>There was a break above a key contracting triangle with resistance near $22,850 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair is likely to resume its upward move as long as it is above the $22,350 support zone.<\/li>\n<\/ul>\n<h2>Bitcoin Price is Forming Key Support Base<\/h2>\n<p>Yesterday, there was a <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-surges-above-22k\/\" target=\"_blank\" rel=\"noopener \">massive upward move in bitcoin price<\/a> above the $20,000 resistance. BTC surged over 20% and it even broke the $22,000 resistance level. The upward move gained pace above the $23,000 level and the price settled well above the 100 hourly simple moving average.<\/p>\n<p>The price traded to a new all-time high at $23,715 before it started a downside correction. There was a break below the $23,000 and $22,800 levels. However, the bulls were able to protect the price from diving below $22,000.<\/p>\n<p>A swing low was formed near $22,263 and the price started forming a base above $22,350. It climbed back above the $22,500 and $22,600 levels. There was also a break above the 50% Fib retracement level of the recent decline from the $23,715 high to $22,263 low.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Bitcoin-15.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"1828\" height=\"868\" class=\"alignnone size-full wp-image-452576\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Bitcoin-15.png?resize=1828%2C868\" alt=\"Bitcoin Price\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Bitcoin-15.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Bitcoin-15.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Bitcoin-15.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Bitcoin-15.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Bitcoin-15.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Bitcoin-15.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Bitcoin-15.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<pre>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p>There was also a break above a key contracting triangle with resistance near $22,850 on the hourly chart of the BTC\/USD pair. Bitcoin price is now struggling to settle above the $23,000 level.<\/p>\n<p>The first key resistance is near the $23,160 level. It is close to the 61.8% Fib retracement level of the recent decline from the $23,715 high to $22,263 low. A successful close above the $23,160 level could open the doors for a <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-btc-could-break-20k\/\" target=\"_blank\" rel=\"noopener \">fresh increase<\/a> towards the $23,700 and $24,000 levels in the near term.<\/p>\n<h2>Downsides Supported in BTC?<\/h2>\n<p>If bitcoin starts another short-term downside correction, it could find support near the $22,500 level. The first key support is near the $22,350 level.<\/p>\n<p>A downside break below the $22,350 support base may possibly spark an extended decline. In the stated case, the price could even decline below the $22,000 support level.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is likely to move back into the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently well above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $22,500, followed by $22,350.<\/p>\n<p>Major Resistance Levels \u2013 $23,000, $23,160 and $23,700.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price extended its rally above $21,500 and $23,000 against the US Dollar. BTC traded to a new all-time high near $23,215 before correcting gains. Bitcoin started a short-term downside correction after trading as high as $23,715. The price is currently holding the $22,350 support and it is well above the 100 hourly simple moving average. There was a break above a key contracting triangle with resistance near $22,850 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to resume its upward move as long as it is above the $22,350 support zone. Bitcoin Price is Forming Key Support Base Yesterday, there was a massive upward move in bitcoin price above the $20,000 resistance. BTC surged over 20% and it even broke the $22,000 resistance level. The upward move gained pace above the $23,000 level and the price settled well above the 100 hourly simple moving average. The price traded to a new all-time high at $23,715 before it started a downside correction. There was a break below the $23,000 and $22,800 levels. However, the bulls were able to protect the price from diving below $22,000. A swing low was formed near $22,263 and the price started forming a base above $22,350. It climbed back above the $22,500 and $22,600 levels. There was also a break above the 50% Fib retracement level of the recent decline from the $23,715 high to $22,263 low. Source: BTCUSD on TradingView.com There was also a break above a key contracting triangle with resistance near $22,850 on the hourly chart of the BTC\/USD pair. Bitcoin price is now struggling to settle above the $23,000 level. The first key resistance is near the $23,160 level. It is close to the 61.8% Fib retracement level of the recent decline from the $23,715 high to $22,263 low. A successful close above the $23,160 level could open the doors for a fresh increase towards the $23,700 and $24,000 levels in the near term. Downsides Supported in BTC? If bitcoin starts another short-term downside correction, it could find support near the $22,500 level. The first key support is near the $22,350 level. A downside break below the $22,350 support base may possibly spark an extended decline. In the stated case, the price could even decline below the $22,000 support level. Technical indicators: Hourly MACD \u2013 The MACD is likely to move back into the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently well above the 50 level. Major Support Levels \u2013 $22,500, followed by $22,350. Major Resistance Levels \u2013 $23,000, $23,160 and $23,700.<\/p>\n","protected":false},"author":67,"featured_media":452577,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,76835],"class_list":["post-452575","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>TA: Bitcoin Holds Strong Above $22K, Why BTC Could Resume Its Rally<\/title>\n<meta name=\"description\" content=\"Bitcoin price extended its rally above $21,500 and $23,000. 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