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

New DEX Protocol Lunex Network Joins Ethereum and Binance in the Spotlight – Can It Surpass $0.50 by Year-End?

The post New DEX Protocol Lunex Network Joins Ethereum and Binance in the Spotlight – Can It Surpass $050 by Year-End appeared first on Coinpedia Fintech News The crypto community has regularly

XRP Aims for $8.40, Conservative Prediction by Expert

The post XRP Aims for $840, Conservative Prediction by Expert appeared first on Coinpedia Fintech News Despite the ongoing price consolidation, XRP, the native token of Ripple Labs gaining massive

Argentina Opens Foreign Crypto ETF Investment Opportunities

Argentina is opening its stock market to crypto exchange-traded fund (ETF) opportunities The Argentine SEC equivalent greenlighted the introduction of prospects to allow investments in

Forget AVAX and LINK, This Token Could Hit 42x Growth and Dominate DeFi in 2024

The post Forget AVAX and LINK, This Token Could Hit 42x Growth and Dominate DeFi in 2024 appeared first on Coinpedia Fintech News An emerging cryptocurrency is poised to make waves in the DeFi space,

XRP To Maintain Price Rally As Whales Reload Amidst Price Dip- Details

In the last week, the price of XRP increased by 35% as the general crypto market maintains a stellar performance stretching over the last two months Interestingly, recent developments in the XRP

This Ripple (XRP) Rival is Expected to Reach $10 in the Coming Weeks, Rising From Below $1

The post This Ripple (XRP) Rival is Expected to Reach $10 in the Coming Weeks, Rising From Below $1 appeared first on Coinpedia Fintech News Rexas Finance (RXS) is a rapidly emerging token that has