TA: Bitcoin Price Surges 6%, Why Recent Breakout Looks Real

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,237,429,541,655	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,237,429,541,655

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-388.28	-0.61%	63,035.64	63,035.63	63,035.64

Price Change

Price Change %

Current Price

Bid Price

Offer

-388.28

-0.61%

63,035.64

63,035.63

63,035.64

High Price	Low Price	Open Price	Prev. Close	52 Week Range
63,932.56	61,645.09	63,411.35	63,423.92	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

63,932.56

61,645.09

63,411.35

63,423.92

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	20:09:05	0.000043	63,034.22	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

20:09:05

0.000043

63,034.22

USD

Price x Volume	Volume	Base Symbol	Related Pairs
1,130,417,987.91	18,019.79	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

1,130,417,987.91

18,019.79

TA: Bitcoin Price Surges 6%, Why Recent Breakout Looks Real

11/08/2022 4:08am

NEWSBTC

Bitcoin price found support above $22,500 and surged over 6% against the US Dollar. BTC broke many hurdles and might rise further towards the $25,000 resistance. Bitcoin started a fresh increase after it found strong bids above $22,500. The price is now trading above the $23,500 level and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $23,350 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is forming a bullish breakout pattern and might rise towards $25,000. Bitcoin Price Breaks Resistance Bitcoin price remained well supported above the $22,500 zone. BTC formed a double bottom pattern near the $22,500 level and started a strong increase. There was a move above the $23,000 and $23,500 resistance levels. The price even surged above the $24,000 resistance. There was a break above a key bearish trend line with resistance near $23,350 on the hourly chart of the BTC/USD pair. Bitcoin price even broke the $24,200 resistance and traded as high as $24,488. It is now consolidating gains above the $24,200 support zone. It is also well above the 23.6% Fib retracement level of the upward move from the $22,685 swing low to $24,488 high. Source: BTCUSD on TradingView.com On the upside, an immediate resistance is near the $24,450 level. The next key resistance is near the $24,500 zone. A close above the $24,500 resistance zone could start another increase. In the stated case, the price may perhaps rise towards the $25,000 resistance. Dips Limited in BTC? If bitcoin fails to clear the $24,500 resistance zone, it could correct lower. An immediate support on the downside is near the $24,200 level. The next major support now sits near the $24,000 level. If the bears push the price below the $24,000 support level, there might be a move towards the $23,550 level. It is near the 50% Fib retracement level of the upward move from the $22,685 swing low to $24,488 high. Any more losses might send the price towards $23,450 level or the 100 hourly simple moving average. 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 well above the 50 level. Major Support Levels – $24,200, followed by $23,500. Major Resistance Levels – $24,450, $24,500 and $25,000.

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