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

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,181,416,187,352	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,181,416,187,352

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-355.63	-0.59%	60,237.77	60,233.24	60,233.25

Price Change

Price Change %

Current Price

Bid Price

Offer

-355.63

-0.59%

60,237.77

60,233.24

60,233.25

High Price	Low Price	Open Price	Prev. Close	52 Week Range
60,785.49	59,507.76	60,649.57	60,600.28	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

60,785.49

59,507.76

60,649.57

60,600.28

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
BSTP	05:05:00	0.083020	60,255.00	USD

Exchange

Last Trade

Size

Trade Price

Currency

BSTP

05:05:00

0.083020

60,255.00

USD

Price x Volume	Volume	Base Symbol	Related Pairs
137,123,026.60	2,283.43	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

137,123,026.60

2,283.43

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

20/05/2022 4:08am

NEWSBTC

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 fresh increase in the near term. The next key resistance could be near the $31,500 level, above which the price might gain bullish momentum. Fresh Decline in BTC? If bitcoin fails to gain pace above the $30,600 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $30,000 level. The first major support is near the $29,800 level and the 100 hourly SMA. The next major support sits near the $29,655 level. It is near the 50% Fib retracement level of the upward move from the $28,590 swing low to $30,721 high. A downside break and close below the $29,650 support might start another decline. In the stated case, the price could drop towards the $28,500 level. Technical indicators: Hourly MACD – The MACD is now slowly losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $29,800, followed by $29,650. Major Resistance Levels – $30,600, $31,200 and $31,500.

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