Monday , November 4 2024
Home / Bitcoin (BTC) / Bitcoin Price Analysis: BTC Eyes Upside Break To $30K

Bitcoin Price Analysis: BTC Eyes Upside Break To $30K

Summary:
Bitcoin price started a fresh increase above the ,000 zone against the US Dollar. The price is now trading below ,000 and the 55 simple moving average (4-hours). There is a key bearish trend line forming with resistance near ,800 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 ,000 level. Bitcoin price is showing positive signs above ,000 against the US Dollar. BTC might gain bullish momentum if there is a clear move above the ,000 zone. Bitcoin Price Analysis Bitcoin price started a steady increase from the ,000 support zone. The price gained and cleared many hurdles near the ,500 and ,000 levels. There was a clear move above the ,000 level and the 55

Topics:
Aayush Jindal considers the following as important: , , , ,

This could be interesting, too:

Temitope Olatunji writes X Empire Unveils ‘Chill Phase’ Update: Community to Benefit from Expanded Tokenomics

Bhushan Akolkar writes Cardano Investors Continue to Be Hopeful despite 11% ADA Price Drop

Bena Ilyas writes Stablecoin Transactions Constitute 43% of Sub-Saharan Africa’s Volume

Chimamanda U. Martha writes Crypto Exchange ADEX Teams Up with Unizen to Enhance Trading Experience for Users 

  • Bitcoin price started a fresh increase above the $26,000 zone against the US Dollar.
  • The price is now trading below $28,000 and the 55 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance near $27,800 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 $28,000 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 $28,000 zone.

Bitcoin Price Analysis

Bitcoin price started a steady increase from the $25,000 support zone. The price gained and cleared many hurdles near the $26,500 and $27,000 levels.

There was a clear move above the $28,000 level and the 55 simple moving average (4-hours). However, the bears were active near the $28,800 zone. A high was formed near $28,839 before there was a downside correction. The price traded below $27,500, but the bulls were active near $26,500.

A low is formed near $26,525 and the price is now rising. It cleared the 23.6% Fib retracement level of the downward move from the $28,839 swing high to $26,525 low.

The price is now trading below $27,800 and the 55 simple moving average (4-hours). An immediate resistance on the upside is near the $28,000 level. There is also a key bearish trend line forming with resistance near $27,800 on the 4-hours chart of the BTC/USD pair.

The trend line is near the 50% Fib retracement level of the downward move from the $28,839 swing high to $26,525 low. The first major resistance is near the $28,000 level, above which the price could rise towards the $28,800 zone.

Any more gains might send the price towards the $30,000 zone. If there is no upside break, the price might start a downside correction below $27,000. The next key support is near the $26,500 level. Any more losses might call for a move towards the $25,500 support zone.

Bitcoin Price Analysis: BTC Eyes Upside Break To $30K

Bitcoin Price

Looking at the chart, bitcoin price is clearly trading below $28,000 and the 55 simple moving average (4-hours). Overall, the price could continue to rise if there is a clear move above $28,000 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 – $27,000 and $26,500.

Key Resistance Levels – $28,000, $28,800 and $30,000.

Tags: ,

Leave a Reply

Your email address will not be published. Required fields are marked *