TA: Bitcoin Gains Momentum, Why Break Above $30K Is Crucial

Share This Post

Bitcoin dived towards the $25,000 support zone against the US Dollar. BTC is now recovering and might eye an upside break above the key $30,000 resistance zone.

  • Bitcoin found support above $25,000 and started an upside correction.
  • The price is still trading below $30,000 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $30,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must clear the $30,000 barrier to move into a positive zone and started a real recovery.

Bitcoin Price Starts Recovery

Bitcoin price remained in a bearish zone below the $30,000 support zone. BTC extended its decline and traded below the $28,000 level.

There was a spike below the $26,000 level and the price traded to a new multi-month low at $25,332. A base was formed above $25,000 and the price started a fresh upward move. There was a clear move above the $26,500 and $27,500 resistance levels.

The price climbed above the 50% Fib retracement level of the recent decline from the $32,130 swing high to $25,332 low. However, it is still trading below $30,000 and the 100 hourly simple moving average.

There is also a major bearish trend line forming with resistance near $30,000 on the hourly chart of the BTC/USD pair. The next major resistance is near the $30,500 zone and the 100 hourly simple moving average. It is near the 76.4% Fib retracement level of the recent decline from the $32,130 swing high to $25,332 low.

Source: BTCUSD on TradingView.com

A clear move above the $30,000 and $30,500 resistance levels might start a fresh increase in the coming sessions. The next key resistance could be near the $31,500 level, above which the price might rise above $32,000.

Fresh Decline in BTC?

If bitcoin fails to clear the $30,000 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $28,800 level.

The next major support is seen near the $27,650 level. A downside break and close below the $27,650 support might accelerate losses. The next major support could be $26,200, below which the bears might aim a move towards the $25,500 support zone.

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 – $28,200, followed by $27,650.

Major Resistance Levels – $30,000, $30,500 and $31,500.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Peter Schiff Warns Bitcoin Could Be US Dollar’s Ultimate Downfall

Peter Schiff warns bitcoin could undermine the US dollar, not by replacing it, but by fueling economic mismanagement through speculative government-backed investments How Bitcoin Might Topple the

Dogecoin Price Primed For ‘Violent’ 60% Move Against Bitcoin If This Happens

Crypto analyst Bluntz Capital has predicted that the Dogecoin price could soon witness a ‘violent’ 60% move against Bitcoin The analyst further revealed what needs to happen for this parabolic

Bitcoin Miners Move 85,503 BTC, Price Unaffected – Here’s Why

From attaining a six-figure market price to a sudden market crash, Bitcoin has remained the major headliner in the crypto market over the past week Among these rapid developments on the largest

PEPE Price Predication for December 2024

The post PEPE Price Predication for December 2024 appeared first on Coinpedia Fintech News Pepe (PEPE), the popular and third-largest crypto meme coin, is garnering massive attention from crypto

All Eyes on $2.75: XRP’s Chart Patterns Suggest Major Move on the Horizon

The cryptocurrency XRP has been on an upward trajectory, recently trading at $260 after a 73% gain in the past 24 hours XRP On the 1-hour chart, XRP has been consolidating tightly between $255 and

Bitcoin ETFs Surpass Satoshi’s Holdings, Blockchain Firm Breaks Down Institutional Adoption In 2024

The year 2024 will be one for the history books for the cryptocurrency industry and, especially, for Bitcoin After kickstarting the year with the approval of spot exchange-traded funds (ETFs), it