Bitcoin (BTC) Overcomes $30K; Why It Could Mean Trend Shift

  • Bitcoin has its price gaining momentum beyond the resistance zones at $29.5K and $30K.
  • For now, the crypto trades beyond $29K and the 100-hourly Simple Moving Average.
  • Kraken data shows BTC broke past a massive pessimistic line with resistance at $29.2K on the 1hr chart.
  • Bitcoin can climb to conquer the resistance at $30.6K.

BTC launched a new surge and cleared the $30K level. The crypto remains upside and could overcome the hurdle at $30.6K.

BTC Price Gains Momentum

Bitcoin price movements created a new base beyond the crucial support of $28.5K. The bellwether crypto remained positive and launched new uptrends beyond the resistance of $29.2K.

Price surged beyond the 50% Fibonacci retracement of the decline to $27,505 from the highs of $30,188. Furthermore, BTC’s 1hr chart shows a break past a massive bearish trend line with the resistance of $29.2K.

For now, BTC/USD trade beyond $29.5K and 100-hr SMA. Also, the world’s largest crypto surged past the 76.4% Fibonacci retracement mark of the decline from $30,188 to $27,505.

The closest resistance to the upside stands near $30,250. Overcoming this hurdle will see BTC rallying towards the crucial obstacle at $30,600. A decisive move past $30.6K might translate to a trend shift. Such cases could see Bitcoin conquering the resistance near $31.2K. Another critical resistance stands at $32.5K.

New Downtrends in Bitcoin?

Bitcoin might welcome downward retracements if it fails to overcome the resistance near $30.6K. The crypto will discover the nearest foothold at $30K. Weakness at this support can see BTC sliding towards $29.6K.

Meanwhile, the primary support barrier forms near $29.3K and 100-hr SMA. A downward move below the area might translate to an extended plunge. Such scenarios can see Bitcoin revisiting the $28.5K value area in the short term.

Meanwhile, BTC appears to have what it takes to overpower $30.6K in the coming few hours. Overnight sessions had bullish stepping up to trigger exceptional leg ups. Nearly all assets in the top-100 crypto list by value charted impressive gains. Can they retain the upticks in the near term?

Technical Indicators

  • 1hr MACD advances within the bearish area.
  • 1hr RSI swayed beyond the 60-mark.
  • Crucial support zones – $29.5K, then $28.5K.
  • Critical resistance zones – $30,250, $30.6K, and then $32.5K.

Leave a Comment