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

Byharjotsinghjaspal

Sep 13, 2022
Bitcoin
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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.



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