32.5 C
Dubai
Saturday, May 25, 2024
HomeBitcoin NewsBitcoin Price Analysis: BTC Could Extend Pump To $30K

Bitcoin Price Analysis: BTC Could Extend Pump To $30K

Date:

Related stories

  • Bitcoin price started a fresh increase above the $25,000 zone against the US Dollar.
  • The price is now trading above $27,000 and the 55 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $28,100 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair could continue to rise if there is a clear move above $28,500 level.

Bitcoin price is showing positive signs above $27,000 against the US Dollar. BTC might gain bullish momentum if there is a clear move above the $28,500 zone.

Bitcoin Price Analysis

Bitcoin price started a steady increase from the $24,000 support zone. The price gained and cleared many hurdles near the $25,500 and $26,200 levels.

There was a clear move above the $27,000 level and the 55 simple moving average (4-hours). The bulls gained pace for a move above the $28,000 zone. The price even spiked above the $28,500 resistance zone and formed a high near $28,578.

Recently, there was a downside correction below the $28,000 level. The price declined below the 23.6% Fib retracement level of the upward move from the $24,443 swing low to $28,578 high.

The price is now trading above $27,000 and the 55 simple moving average (4-hours). An immediate resistance on the upside is near the $28,350 level.

The first major resistance is near the $28,500 level. The next major resistance on the upside is near the $29,500 level, above which the price could rise towards the $30,000 zone.

Any more gains might send the price towards the $32,000 zone. If there is no upside break, the price might start a downside correction below $28,000. There is also a key bullish trend line forming with support near $28,100 on the 4-hours chart of the BTC/USD pair.

The next key support is near the $26,500 level. It is close to the 50% Fib retracement level of the upward move from the $24,443 swing low to $28,578 high. Any more losses might call for a move towards the $24,000 support zone.

Bitcoin Price
Bitcoin Price

Looking at the chart, bitcoin price is clearly trading above $26,500 and the 55 simple moving average (4-hours). Overall, the price could continue to rise if there is a clear move above $28,500 level in the near term.

Technical Indicators

4 hours MACD – The MACD is now losing momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.

Key Support Levels – $28,000 and $26,500.

Key Resistance Levels – $28,350, $28,500 and $30,000.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

Subscribe

Latest stories