btcusd Forex Signal: Another Bullish Breakout Likely Bitcoin bitcoinprice Bitcoin2023 bitcointrading bitcointrade
It has surged by more than 50% from its lowest point this year, meaning it has outperformed key assets like the Nasdaq 100 index and gold.Bitcoin has made a strong bullish breakout in the past few weeks. As it rose, Bitcoin crossed the important resistance point at $21,547, the highest level on November 5. It then made a break and retest pattern by moving retesting the previous resistance, which is now the support. In most cases, a break and retest pattern is usually a bullish sign.
The pair is being supported by the 25-day and 50-day moving averages, which is a bullish sign. At the same time, the Relative Strength Index is nearing the overbought level of 70. The bullish view will be invalidated if the pair manages to move below the support at 21,547, which was the highest point on November 4. Such a move will send signals that there are still more sellers keen to push the pair below 20,000.On the 4H chart, the pair remained in a tight range slightly below the key resistance at 25,000. It is also lower than the key point at 25,212. Bitcoin remains above the key level at 24,238 and the 25-period and 50-period moving averages.
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