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

President Bukele Gets the Last Laugh: Over $300 Million in Unrealized Bitcoin Gains

Bukele celebrated the recent bitcoin rally and the $100K milestone, posting a screenshot of El Salvador’s bitcoin investment unrealized gains Fighting tooth and nail against naysayers,

Bitcoin Nears $100,000: Market Expert Predicts $200K Surge Amid Retail FOMO And Volatility

The Bitcoin (BTC) price held just below $100,000 at the week’s end, falling 7% to roughly $91,000 on Thursday This milestone has inspired speculation about Bitcoin’s short, medium, and

Dogecoin Steadily Ascends To $0.4484 Resistance As Bulls Maintain Control

Dogecoin has been steadily climbing, with its price approaching the critical $044848 mark This consistent upward movement signals that the bulls are firmly in control, pushing DOGE closer to new

Ethereum Price Climbs To $4,000 Amid Historic ETF Inflows: Will It Break Previous Records?

In a significant market development, Ethereum (ETH) has surpassed the $4,000 mark for the first time in over ten months, closing the first week of December with a remarkable 40% surge in the weekly

Binance CEO Urges Crypto Fans to Move Beyond Hodling and Flipping Tokens

“Forget flipping tokens,” Binance’s CEO urged, emphasizing blockchain fundamentals, whitepapers, and persistence as key to thriving in crypto’s dynamic, innovation-driven

Shiba Inu Price Prediction Today

The post Shiba Inu Price Prediction Today appeared first on Coinpedia Fintech News An analyst has predicted that Shiba Inu could surge by 178%, potentially returning to its all-time high In October