Things change quickly in crypto. Just when it seemed like Bitcoin is losing support and saying goodbye to the K range, Bitcoin soared a solid 12% over the past 24 hours as the primary cryptocurrency climbed by almost K only today. As of writing these lines, Bitcoin is retesting the critical ,000 level.However, Bitcoin is now facing crucial resistance at K and the upper boundary of the marked triangle, which started forming on January 8, 2021, when Bitocin recorded its current all-time high.From K To K In One DayBTC saw a few rough days after dropping by over 10% on Wednesday. It briefly spiked beneath the larger descending triangle, as can be seen on the following daily chart.During Wednesday’s plunge, BTC fell beneath ,000 (the base of the triangle), reaching as low as
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Things change quickly in crypto. Just when it seemed like Bitcoin is losing support and saying goodbye to the $30K range, Bitcoin soared a solid 12% over the past 24 hours as the primary cryptocurrency climbed by almost $4K only today. As of writing these lines, Bitcoin is retesting the critical $34,000 level.
However, Bitcoin is now facing crucial resistance at $34K and the upper boundary of the marked triangle, which started forming on January 8, 2021, when Bitocin recorded its current all-time high.
From $30K To $34K In One Day
BTC saw a few rough days after dropping by over 10% on Wednesday. It briefly spiked beneath the larger descending triangle, as can be seen on the following daily chart.
During Wednesday’s plunge, BTC fell beneath $30,000 (the base of the triangle), reaching as low as $29,125 before it bounced back, but luckily managed to close the daily candle above $30K, so eventually, the triangle didn’t get broken.
Today’s 12% price increase allowed Bitcoin to break the previous consolidation range between $30,700 and $33,000 that ‘trapped’ BTC over the past week. Bitcoin also broke significant resistance ($33,800) at a short term descending trend line on the 4-hour time frame (4-hour candle close hadn’t taken place as of writing this).
Looking at the bigger picture, Bitcoin is now facing huge resistance at the horizontal level of $34,000, followed by the descending triangle’s upper angle, at around $34,500. A break above and Bitcoin could start planning on a new all-time high.
BTC Price Support and Resistance Levels to Watch
Key Support Levels: $33,100, $32,500, $30,750, $30,000.
Key Resistance Levels: $34,000, $34,450, $35,790, $36,500, $37,700, $38,000.
As mentioned above, the first level of resistance lies at $34K, followed by $34,450 (bearish .5 Fib Retracement, along with the triangle’s upper boundary).
Beyond the triangle, resistance lies at $35,790 (bearish .618 Fib), $36,500, $37,700 (bearish .786 Fib), and $38,000.
On the other side, the first level of support lies at $33,800 (descending trend-line on the 4-hour chart), followed by $32,500 (.382 Fib), $30,750, and $30,000.
The recent price spike allowed the daily RSI to spike above the midline, indicating the bulls have taken control of the market momentum. Also spotted – bullish divergence on the shorter timeframe (4-hour) and on the daily chart).
Bitstamp BTC/USD Daily Chart
Bitstamp BTC/USD 4-Hour Chart
