June 24, 2021

TA: Bitcoin Price Breaks $29K, Why BTC Is Likely To Hit $30K

2 min read

Bitcoin cost extended its upward move and traded to a new all-time high near $29,250 versus the United States Dollar. BTC is most likely to continue greater towards the $30,000 level.

  • Bitcoin is acquiring bullish momentum above $28,400 and it broke the $29,000 level.
  • The rate traded as high as $29,274 and settled well above the 100 hourly simple moving average.
  • There is a major breakout pattern forming with assistance near $28,650 on the per hour chart of the BTC/USD pair (data feed from Kraken).
  • The set is most likely to continue greater above $29,000 unless there is a clear break listed below $28,300.

Bitcoin Price Breaks $29,000

There was a constant boost in bitcoin cost above the main $28,300 resistance zone. BTC broke the $28,500 and $29,000 levels to continue higher. It even surged above USD 29,200 and traded to a new all-time high at $29,274.

Recently, there was a sharp downside correction below the $29,000 level, however it is still well above the 100 per hour simple moving average. The cost also surged listed below the 23.6% Fib retracement level of the upward relocation from the $27,375 swing low to $29,274 high.

Bitcoin Price

Source: BTCUSD on TradingView.com Bitcoin price tested the $28,325 support zone. It also stayed well bid above the 50% Fib retracement level of the upward relocation from the $27,375 swing low to $29,274 high. Furthermore, there is a major breakout pattern forming with assistance near $28,650 on the hourly chart of the BTC/USD pair.

On the advantage, the cost is dealing with hurdles near $29,200. A clear break above the $29,200 and the current high might open the doors for more upsides above $29,500. The main go for the bulls might be $30,000 in the near term.

Dips Supported in BTC?

If bitcoin starts another drawback correction, it is most likely to find assistance near the $28,650 zone and the triangle lower trend line.

The next major support is near the $28,300 zone (a multi-touch zone) and a key level. If there are more drawbacks below $28,300, there is a danger of a larger decrease. In the specified case, the rate might evaluate $27,500 or perhaps the 100 per hour SMA.

Technical signs:

Hourly MACD –-- The MACD is losing momentum in the bullish zone.

Per Hour RSI (Relative Strength Index) –-- The RSI for BTC/USD is correcting lower from the 70 level.

Significant Support Levels –-- $28,650, followed by $28,300.

Significant Resistance Levels –-- $29,000, $29,200 and $30,000.