Bitcoin Surge Imminent: The Breakout You Can't Afford To Miss
Bitcoin may have a moment of Deja Vu as it revisits the $30,000 round number. This low was formed in January 2021. It also held as support between May and July 2021 before price went on to create record highs of almost $69,000.
A descent followed over a few months and in May 2022, price returned to the $30,000 round number. This level acted as support for a few weeks, and then in early June, there was a break and close below this level on the weekly timeframe.
An area of consolidation was formed between $15,500 and $30,000, which price
needs to break out from before we get a clear indication of the direction it will head next.
A break below $15,500 would likely be followed by further weakness. A break above
$30,000 could indicate the resumption of the long-term bull trend.
Within the consolidation zone, the weekly 200 simple moving average has acted as resistance.
Price has now broken above it, which is an early indication of further potential strength.
But we need a break above the all-important $30,000 level.
Should we see a breakout in Bitcoin, we must be prepared for the strong impulsive moves
in the market across most crypto coins.
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A descent followed over a few months and in May 2022, price returned to the $30,000 round number. This level acted as support for a few weeks, and then in early June, there was a break and close below this level on the weekly timeframe.
An area of consolidation was formed between $15,500 and $30,000, which price
needs to break out from before we get a clear indication of the direction it will head next.
A break below $15,500 would likely be followed by further weakness. A break above
$30,000 could indicate the resumption of the long-term bull trend.
Within the consolidation zone, the weekly 200 simple moving average has acted as resistance.
Price has now broken above it, which is an early indication of further potential strength.
But we need a break above the all-important $30,000 level.
Should we see a breakout in Bitcoin, we must be prepared for the strong impulsive moves
in the market across most crypto coins.
If you enjoyed this post, make sure to like, and follow for more quality content!
If you have any questions or comments, comment below. We reply to every comment!
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
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