Bitcoin news

Bitcoin attempts to rise but the possibilities of a bearish test at $ 29.000 remain open

Il Bitcoin is trying to recover above the $ 30.000 resistance. BTC is struggling at $ 31.000 and could begin a new decline. In short, if the price is now well above the $ 30.000 level and the 100-hour simple moving average, and if a bullish trend line is forming on the hourly chart of the BTC / USD pair with a support near $ 30.400. , it is also true that the exchange rate between Bitcoin and the dollar could start a new decline if it exceeds the support zone of $ 30.000.

Bitcoin price has started a decent recovery wave from the $ 25.000 support zone. BTC has gained the pace to break through the $ 28.000 level and the 100-hour simple moving average. It even broke through the $ 30.000 resistance zone. However, the bulls struggled to stay in action above the $ 31.000 level. It has formed a high near $ 31.390 and the price is now slowing the downward movement. There was a move below the $ 31.000 level.

Bitcoin then moved towards the support of $ 30.400, with the hourly chart of the BTC / USD pair showing the formation of an uptrend line with support near $ 30.400. The next major support is near the $ 30.000 zone.

Thus, a break to the downside and a close below the $ 30.000 support could kick off a sharp decline. In this case, the price could drop towards the $ 29.000 level. The next major support is near the $ 28.000 level, below which the price could start a new bearish wave.

Conversely, if Bitcoin manages to hold above the $ 30.000 support zone, it could start a new rally. Immediate upside resistance is found near the $ 31.000 level. The next major resistance is near the $ 31.400 level. A clear move above the $ 31.000 and $ 31.400 resistance levels could trigger a new upside in the next few sessions. The next key resistance could be near the $ 32.500 level, above which the price could rise above $ 33.000.

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Roberto Rais

A great cryptocurrency expert and a long time collaborator. He actively follows several specialized Blogs in the cryptocurrency sector as Editors

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