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 now trades 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 remained well supported above the $22,500 zone. BTC formed a double bottom pattern near the $22,500 level and started a substantial 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 at $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 the $24,488 high.
On the upside, immediate resistance is near the $24,450 level. The following key resistance is near the $24,500 zone.
A close above the $24,500 resistance zone could start another increase. The price may rise towards the $25,000 resistance in the stated case.
If bitcoin fails to clear the $24,500 resistance zone, it could correct lower. Immediate support on the downside is near the $24,200 level. The next significant 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.
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It is near the 50% Fib retracement level of the upward move from the $22,685 swing low to the $24,488 high.
Any more losses might send the price towards $23,450 or the 100 hourly simple moving average. - newsbtc