Bitcoin Takes Support from $30k Despite Upside Potential

The price action on Bitcoin seems to be capped at $30000 on the lower side. Just like the buying action seen during May 19, 2021, and June 22, 2021, BTC price has again bounced back. This assures a minimum risk for investors with good profitable opportunities. Technical analysis indicates some strength on price charts.

Bitcoin Price Analysis

BTC has shown a good upside potential and has successfully retested the $30000 support zone. The immediate resistance is active at $35000, followed by $39000.

BTC Price AnalysisBitcoin price has good resistance at the $35000 to $36000 price range on a swing basis. But having support at $30,000 creates a good risk-reward ratio for investors. RSI is close to neutral waters as it is still below 50 since June 2021.

Bollinger bands indicate a little hesitation around the median moving average line indicated by the yellow line. If it breaks the median line, there is a potential to reach the higher line. While expanding the range of Bollinger bands indicates higher volatility.

An increase in buying volumes indicates decent support being created around $32000 levels, but one should wait for the candle to close above the median moving average line on Bollinger bands.

According to our Bitcoin forecast, the price can even consolidate at current levels before giving a breakout or result in further drawdown towards the $20000 range.

It all depends on the potential of the current upside momentum to sustain on daily charts. If volumes sustain the buying sentiment, we can see BTC close on $40000 within a month.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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