Crypto daily news logo
  • Home
  • Cryptocurrency
    • Analytics
    • Bitcoin
    • Ethereum
    • Alt coins
  • Others
    • Regulation
    • Blockchain
    • Guide
    • Mining
  • Security
No Result
View All Result
  • Home
  • Cryptocurrency
    • Analytics
    • Bitcoin
    • Ethereum
    • Alt coins
  • Others
    • Regulation
    • Blockchain
    • Guide
    • Mining
  • Security
No Result
View All Result
Crypto News
No Result
View All Result
Home Analytics

Bitcoin (BTC) is trying to find support above $30,000

Admin by Admin
17.05.2022
in Analytics
18 0
0

Reading time: ~2m


After a bearish breakout on May 10, bitcoin (BTC) tries to recover above the $30,500 horizontal area and turn it into support again.

On May 5, bitcoin made a bearish breakout from a long-term rising parallel channel (red icon), and since then the pace of BTC’s decline has accelerated. As a result, on May 12, the coin hit a low of $26,700.

The price then rebounded and is now trying to recover above the $30,500 horizontal area (red circle). Previously, since May 2021, this area played the role of support.

The further direction of the trend may largely depend on whether the BTC rate manages to recover above this level, confirming that its recent breakout was just a price deviation, or whether the coin will bounce from here and decline again.

Bitcoin BTC is trying to find support above 30000

Source: TradingView

What the indicators tell us

The dynamics of the daily RSI also underscores the importance of the $30,500 area. It coincides with the RSI support, which has become resistance.

The RSI index has been consolidating above 35 (green icon) since April 11, clearly using this area as support. A bearish price breakout out of the channel occurred at the same time as a bearish breakout of this level. The 35 area is now resistance for the RSI (green icon).

Thus, if BTC is able to recover above $30,500, and this is also confirmed by the RSI rising above the 35 mark, it would be an indication of the current bullish trend.

This scenario is also supported by long-term wave analysis, which suggests that the price has probably fumbled for a bottom.

Bitcoin BTC is trying to find support above 30000

Source: TradingView

Short-term dynamics BTC

On the 2-hour chart, you can see that bitcoin made a bullish breakout from the short-term descending parallel channel and formed the first rising low.

On this timeframe, strong resistance is located at $31,800. It is formed by the Fibo level of 0.382 retracement and is also in relative proximity to the $30,500 resistance area mentioned above.

If BTC can break above it, the growth rate of the kinoin could accelerate.

1652848360 439 Bitcoin BTC is trying to find support above 30000

Source: TradingView

Disclamer

All information contained on our website is published in good faith and objectively, and for informational purposes only. The reader is solely responsible for any actions taken on the basis of information obtained from our website.


#Bitcoin #BTC #find #support

Related articles

The value of Ethereum collapsed after bitcoin. The price of the cryptocurrency fell to its lowest level since the summer of 2021

Bloomberg called a new threat to the crypto market. It’s all about the loans of miners

24.06.2022
Cryptocurrencies candidates for the dead

Cryptocurrencies candidates for the dead

24.06.2022
During the day, the price of the Storj token (STORJ) added 32%, the trend is bullish

During the day, the price of the Storj token (STORJ) added 32%, the trend is bullish

24.06.2022
Study of current prices of ETH, XRP, ADA as of June 24

Study of current prices of ETH, XRP, ADA as of June 24

24.06.2022
Tags: BitcoinBTCfindsupport
Share24Tweet15
  • Trending
  • Comments
  • Latest
Grayscale purchased ADA ahead of the Vasil hard fork

Grayscale purchased ADA ahead of the Vasil hard fork

09.06.2022
Decentralized Pictures announced the launch of a blockchain app for film financing

Decentralized Pictures announced the launch of a blockchain app for film financing

17.05.2022
First court ruling in the U.S. on the use of cryptocurrencies to circumvent sanctions

First court ruling in the U.S. on the use of cryptocurrencies to circumvent sanctions

17.05.2022
Mining firm Greenidge Generation increased quarterly revenue by 240%

Mining firm Greenidge Generation increased quarterly revenue by 240%

17.05.2022
The DeFi market suffered because of the collapse of Terra

The DeFi market suffered because of the collapse of Terra

Fed meeting is a negative factor for Bitcoin growth

Fed meeting is a negative factor for Bitcoin growth

Bitcoin strengthens as global stock market improves

Bitcoin strengthens as global stock market improves

Game company Square Enix will make blockchain and Play-to-Earn its business model

Game company Square Enix will make blockchain and Play-to-Earn its business model

Whales are massively selling three altcoins. Top 3 dangerous tokens from Santiment

Whales are massively selling three altcoins. Top 3 dangerous tokens from Santiment

24.06.2022
The launch of Shibarium will attract new holders of Shiba Inu

The launch of Shibarium will attract new holders of Shiba Inu

24.06.2022
“I’m talking about a single set of rules for exchanges,” Gensler fills in the gaps in the regulation of cryptocurrencies in the US.

“I’m talking about a single set of rules for exchanges,” Gensler fills in the gaps in the regulation of cryptocurrencies in the US.

24.06.2022
The digital dollar cannot be issued without the approval of the regulator

The digital dollar cannot be issued without the approval of the regulator

24.06.2022

Метки

altcoins Analyst assets Bank billion Binance Bitcoin bitcoins blockchain BTC called collapse crypto cryptocurrencies Cryptocurrency DeFi Digital ETH Ethereum fall fell growth increased investors June launch Luna market million miners Mining network NFT platform price rate regulation support Terra token tokens Top UST week XRP

Newsletter

No Result
View All Result
  • Home
  • Cryptocurrency
    • Analytics
    • Bitcoin
    • Ethereum
    • Alt coins
  • Others
    • Regulation
    • Blockchain
    • Guide
    • Mining
  • Security

© 2022 Crypto News Daily

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in settings.

Privacy Overview
Crypto News

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.

3rd Party Cookies

This website uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages.

Keeping this cookie enabled helps us to improve our website.

Please enable Strictly Necessary Cookies first so that we can save your preferences!

Cookie Policy

More information about our Cookie Policy

Powered by crypto-daily.news  GDPR Cookie Compliance