Bitcoin (BTC) Price Analysis: Reached $ 34,000; What Are The Critical Levels?

0
536

Bitcoin price remained in the bullish zone and rose above $ 30,000 against the US Dollar. BTC has experienced a correction after reaching its all-time high, but it is likely to continue its upward trend. According to the technical analysis of NewsBTC’s Aayush Jindal: Bitcoin rose 12% and is trading well above the $ 30,000 resistance zone. The price shows numerous positive signals above $ 31,000 and the 100 simple moving average (4 hours). On the 4-hour chart of the BTC / USD pair, there is a major bullish trend line formed at the support near $ 30,800 (data from Kraken). The pair seems to continue rising towards the $ 35,000 level in the near term.

Over the past few days, there has been a strong rise in bitcoin price over the $ 25,000 resistance against the US dollar. The BTC / USD pair broke many major hurdles around $ 28,000 and $ 30,000 to continue rising. The bulls even pushed the price above the $ 32,000 level, and BTC climbed to an all-time high of around $ 34,000. It has experienced a hard correction below the $ 32,000 level in the past hours. The price even dropped below the $ 31,000 level but remained above the $ 30,000 support. Bitcoin price dropped to $ 30,316, from where it started a new increase. There was a break above the $ 31,000 resistance zone. The bulls could push the price above the 50% Fib retracement level of the last move from $ 33,298 to $ 30,316.

If Bitcoin corrects, its price could move towards the $ 32,000 and $ 31,500 levels. There is also a major bullish trend line formed with support near $ 30,800 on the 4-hours chart of the BTC / USD pair. The main support is currently forming near the $ 30,000 level. A close below the $ 30,000 level could represent a long bearish movement towards the $ 28,500 level.

Technical Indicators

4-hour MACD – The MACD for BTC / USD is gaining momentum in the bullish zone.

4-hour RSI (Relative Strength Index) – The RSI for BTC / USD is currently well above the 60 level.

Major Support Level – $ 30,800

Major Resistance Level – $ 40,000

P.S: This is not an investment advice.

LEAVE A REPLY

Please enter your comment!
Please enter your name here