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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Bitcoin Bulls Keep Pushing, Why Rally Isn’t Over Yet

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Created by industry experts and meticulously reviewed
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Bitcoin price is surging above $30,000. BTC is up over 10% and it seems like the bulls are not done yet and might be aiming for a move to $32,000.

  • Bitcoin is gaining pace above the $30,000 resistance.
  • The price is trading above $29,500 and the 100 hourly Simple moving average.
  • There is a key bullish trend line forming with support near $30,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could rise further if it clears the $30,800 and $31,200 resistance levels.

Bitcoin Price Extends Its Rally

Bitcoin price started a major rally above the $28,500 resistance zone. BTC gained strength and was able to clear the key $29,200 resistance zone. It is up over 10% and there was a clear move above the $30,000 resistance.

It traded close to $30,800. A high is formed near $30,794 and the price recently saw a minor downside correction. There was a move below the $30,500 level. The price dipped below the 23.6% Fib retracement level of the recent wave from the $28,660 swing low to the $30,794 high.

Bitcoin price is now trading above $29,500 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support near $30,250 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Source: BTCUSD on TradingView.com

It is again rising and trading above the $30,000 level. On the upside, the price is facing resistance near the $30,300 level. The next major resistance is near the $30,800 level. An upside break above the $30,800 resistance could start a fresh increase toward the $31,200 level. The next major resistance is near the $32,000 level, above which the bulls might send BTC toward the $32,500 resistance zone.

Dips Present Buying Opportunity in BTC?

If Bitcoin’s price fails to clear the $30,800 resistance, it could start a downside correction. Immediate support on the downside is near the $30,250 level and the trend line.

The next major support is near the $29,750 level or the 50% Fib retracement level of the recent wave from the $28,660 swing low to the $30,794 high. The main support is now near $29,000, below which the price might drop toward the $28,500 support. Any more losses might send the price toward $27,500 in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is in the overbought zone.

Major Support Levels – $30,200, followed by $29,750.

Major Resistance Levels – $30,300, $30,800, and $31,200.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

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Created by industry experts and meticulously reviewed
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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