Mo.bi - Crypto Currency Tracker logo Mo.bi - Crypto Currency Tracker logo
NewsBTC 2022-05-20 03:08:00

TA: Bitcoin Reclaims $30K, Why Bulls Face Uphill Task

Bitcoin started a fresh increase from the $28,500 support zone against the US Dollar. BTC must clear $30,600 to move further into a positive zone. Bitcoin formed a base above $28,500 and started a fresh increase. The price is now trading above the $30,000 level and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $30,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could gain bullish momentum if there is a clear move above $30,600. Bitcoin Price Is Facing Resistance Bitcoin price found support near the $28,500 zone after a steady decline. A base was formed near $28,600 and started a fresh increase. There was a clear move above the $29,500 resistance zone and the 100 hourly simple moving average. The bulls even pushed the price above the $30,000 resistance zone. However, they are now facing an uphill task near the $30,600 zone. There is also a major bearish trend line forming with resistance near $30,400 on the hourly chart of the BTC/USD pair. A high is formed near $30,721 and the price is now consolidating gains. The price is trading above the 23.6% Fib retracement level of the upward move from the $28,590 swing low to $30,721 high. An immediate resistance is near the $30,400 level. The next major resistance is near the $30,600 level. Source: BTCUSD on TradingView.com A clear move above the $30,400 and $30,600 resistance levels might start a fr...

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.