Bitcoin Touches $30,000, Is The Coin Headed Towards Recovery?


Bitcoin is trading at $30,000 at the time of writing. The coin held its $28,000 resistance as the bears came to the rescue.

Over the same past 24 hours, Bitcoin has attempted to break its consolidation. In order for the consolidation to be invalidated, it must be trading above the $31,000 price level.

Lateral movement may cause a flare-up as usual. Bitcoin indicators on the intraday chart are looking positive. In the past 24 hours, Bitcoin has risen by 4.6% and last week there has been a 0.8% rise.

Despite the positive outlook on the intraday chart, there may be a possibility of a price breakout on the downside. Today, the global cryptocurrency market capitalization has reached $1.33 trillion with 3.8% Positive change in the last 24 hours.

Bitcoin Price Analysis: 1 Day Chart

Bitcoin
Bitcoin is priced at $30K on the intraday chart | Source: BTCUSD on TradingView

Kingcoin is trading at $30,542 at the time of writing. After trading near the critical support line at $28,000, the coin broke through the $29,000 level.

The coin’s upper resistance stood at $31,000, and if the bulls continue the momentum, the coin could attempt to trade near $34,000.

Another resistance sign was stopped at $36,000 and then $37,000. Currency volume is seen rising linked to the uptrend.

The volume bar is in green at the time of writing, which also highlights rising buying pressure. Although Bitcoin painted the bullish coin, it formed a descending triangle.

The descending triangle is associated with bearish price movement so it is not possible to determine whether the currency will move in an upward direction.

Technical Analysis

Bitcoin
Bitcoin recorded a surge in buying power on the daily chart | Source: BTCUSD on TradingView

Bitcoin is flashing bullish signals on the intraday chart. The RSI on the chart has recovered, and the indicator has moved north near the 50 line.

This reading means that buyers have returned to the market and indicated increased demand, which indicates upward pressure.

The Average Trend Indicator displays the directional trend of a currency. The ADX indicator was off above the 40 mark, which indicates that the current trend is strong.

However, the ADX indicator is showing a decline, and this may indicate that the current price momentum has been waning, indicating a change in the current price momentum.

Related reading | TA: Bitcoin Scans $30K, Why This Could Mean a Change of Trend

Bitcoin
Bitcoin is blinking a buy signal on the 1 hour chart | Source: BTCUSD on TradingView

Gorgeous oscillator depicted in green graphs. The indicator depicted the market’s momentum and showed an upward trend. AO is also flashing buy signals on the intraday chart.

This corresponds to the RSI as the indicator rose near half of the line. Chaikin Money Flow identifies capital inflows and outflows.

The index was hovering near half the line due to recovering capital inflows at press time.

However, it is uncertain whether BTC will act according to the indicators as the coin is also pointing to a possible downtrend in the price.

Related reading | Bitcoin (BTC) at $29,000, How Long Will Consolidation Last?



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