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

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,130,883,358,558	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,130,883,358,558

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-1,078.32	-1.85%	57,159.41	57,188.49	57,196.40

Price Change

Price Change %

Current Price

Bid Price

Offer

-1,078.32

-1.85%

57,159.41

57,188.49

57,196.40

High Price	Low Price	Open Price	Prev. Close	52 Week Range
58,526.89	57,149.85	58,384.58	58,237.73	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

58,526.89

57,149.85

58,384.58

58,237.73

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
BSTP	02:35:18	0.354900	57,178.00	USD

Exchange

Last Trade

Size

Trade Price

Currency

BSTP

02:35:18

0.354900

57,178.00

USD

Price x Volume	Volume	Base Symbol	Related Pairs
53,468,776.66	924.58	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

53,468,776.66

924.58

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

06/10/2022 3:38am

NEWSBTC

Bitcoin price is showing positive signs above $20,000 against the US Dollar. BTC could start a strong surge if it clears the $20,500 resistance. Bitcoin is gaining pace above the $19,800 and $20,000 resistance levels. The price is trading above $20,100 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $20,150 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could gain bullish momentum if there is a clear move above the $20,500 resistance. Bitcoin Price Remains Supported Bitcoin price attempted an upside break above the $20,500 resistance zone. However, BTC struggled near the $20,450 zone and started a downside correction. There was a move below the $20,000 support zone, but the price remained supported well above the 100 hourly simple moving average. It traded as low as $19,754 and recently started a fresh increase. There was a clear move above the $20,000 and $20,200 resistance levels. Bitcoin price climbed above the 50% Fib retracement level of the recent decline from the $20,475 swing high to $19,754 low. It is now trading above $20,100 and the 100 hourly simple moving average. Besides, there is also a key bullish trend line forming with support near $20,150 on the hourly chart of the BTC/USD pair. It also cleared the 76.4% Fib retracement level of the recent decline from the $20,475 swing high to $19,754 low. On the upside, an immediate resistance is near the $20,450 level. The next major resistance sits near the $20,500 zone. Source: BTCUSD on TradingView.com A proper close above the $20,500 resistance might start another increase. In the stated case, the price could even surpass the $21,000 resistance zone. In the stated case, the bulls might aim a move towards the $22,000 level. Dips Supported in BTC? If bitcoin fails to rise above the $20,450 resistance zone, it could start a downside correction. An immediate support on the downside is near the $20,200 zone. The next major support is near the $20,100 zone and the trend line. A downside break below the trend line might send the price towards $19,750. The main support is near $19,500, below which the price might start a steady decline. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $20,200, followed by $20,000. Major Resistance Levels – $20,500, $21,200 and $22,000.

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