September 30, 2022

Bitcoin Price Analysis: Can BTC Sustain Today’s Breakout And Finally Target ATH?

2 min read

Bitcoin increased by 4% today, acquiring almost $2000, since composing these lines. Bitcoin bounced from $33,000 to a daily high of $35,700. The primary cryptocurrency has been forming a descending triangle, as displayed in the following day-to-day chart. If today’s candle holds, Bitcoin might lastly break out of the triangle.

As can be seen, last Friday was a significant effort to break above; nevertheless, this rapidly become an incorrect breakout. On that day, the cryptocurrency handled to spike beyond $38,000 following a tweet by Elon Musk, however the sellers returned day by day’s end to push it back into the combination triangle.

From there, Bitcoin began to trade below the upper angle of the triangle while maintaining assistance at $33,000 throughout the course of the past 4 days. It was also held by assistance at a short term rising trend line, best seen on the 4-hour chart.

Today, followed the 4% cost spike, Bitcoin broke the upper angle of the triangle. However, there are still a few more hours up until the everyday close, and so far, the trading volume had been small.

Breaking above the triangle is the initial step in Bitcoin’s course to a new all-time high, but this will be possible only if bullish volume comes.

BTC Price Support and Resistance Levels to Watch

Secret Support Levels: $34,450, $34,000, $33,110, $32,500, $32,000.

Key Resistance Levels: $35,790, $37,000 – – $37,150, $37,700, $38,620,

$38,835. Moving forward, the very first level of resistance lies at $35,790 (bearish.618 Fib Retracement). This is followed by $37,000 – – $37,151, $37,700 (bearish.786 Fib), $38,620 (Friday’s high according to Bitstamp), and $38,835 (bearish.886 Fib).

On the other side, the first support now lies at $34,450. This is followed by $34,000 (short-term ascending pattern line), $33,110 (50-MA), and $32,500 (.382 Fib Fib). Additional assistance lies at $32,000 and $31,200.

The daily RSI is likewise supporting the bullish momentum; however, the volume is still missing out on.

Bitstamp BTC/USD Daily Chart

BTC/USD Daily Chart. Source: TradingView Bitstamp BTC/USD 4-Hour Chart BTC/USD 4-Hour Chart. Source: TradingView