Will Bitcoin be able to push off the $ 30,000 area

CONTENT

  • Bitcoin support and resistance are located at $ 29,000 and $ 33,700, respectively

  • Daily technical indicators are giving bearish signals

  • BTC is likely in the final diagonal triangle pattern

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Bitcoin (BTC) launched a rally on January 25, but bounced off the $ 33,700 resistance area and began to decline.

Despite a significant drawdown, Bitcoin may find short-term support and make a new attempt to strengthen and storm the aforementioned resistance.

Price bounce

Yesterday bitcoin (BTC) began to rally, reaching a high of $ 34,871. This led to a bullish breakout of the $ 33,700 resistance area, which the price had previously broken southward..

However, in the future, the BTC rate fell again, forming a very long upper wick. This is a sign of strong selling pressure. As a result, the $ 33,700 area has established itself as a resistance, and now the BTC rate is trading under it..

Until the price manages to gain a foothold above this level, the trend will be considered bearish. Bearish technical indicators also support this..

Will Bitcoin manage to overcome this important barrier? Share your opinion in the comments and join the discussion in our Telegram channel!

If BTC drops again, the immediate support will meet the pair in the $ 29,000 area and further by $ 26,000 (Fibo levels of 0.5 and 0.618 retracements).

MTC schedule. Source: TradingView

Parallel channel

On the 6-hour chart, Bitcoin is likely trading within a parallel channel. Often, these channels reflect corrective price action, and a rebound from the channel’s median line confirms the bearish tone of the daily chart..

MTC schedule. Source: TradingView

On the 2-hour timeframe, BTC has reached an important support area between the 0.5 and 0.618 Fib levels. These supports could trigger a reversal, at least in the short term.

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Despite this, technical indicators do not yet confirm the likelihood of upcoming growth..

MTC schedule. Source: TradingView

Wave analysis

The results of the wave analysis suggest that Bitcoin is in wave B of the A-B-C pattern, which began with the formation of an all-time high at $ 41,950 on January 8. Since then, the price has remained within a long-term corrective structure.

Perhaps the BTC rate is in the final stage of wave B. Its preliminary target is the $ 38,000 level, which coincides with the resistance line of the parallel channel.

After that, BTC may begin to decline towards the aforementioned $ 26,000 support area.

Will Bitcoin be able to push off the $ 30,000 area

Schedule MTC. Source: TradingView

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Sub-wave analysis shows that wave B is represented by the A-B-C structure (black on the chart), and now the price is in sub-wave C.

If the high of the sub-wave C reaches $ 38,000, it will form a running flat correction, after which a significant price decline is likely..

MTC schedule. Source: TradingView

Finally, wave C resembles the ending diagonal pattern, since the first impulse move (marked as 1 on the chart) is represented by a three-wave structure instead of a five-wave.

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Accordingly, although the exact shape of the wedge has not yet been determined, we believe that Bitcoin will trade within a rising wedge and then make a bearish breakout..

MTC schedule. Source: TradingView

Conclusion

Thus, the bitcoin rate is expected to gradually rise to $ 38,000, but then begin to fall. Despite the likelihood of growth in the short term, the long-term trend is likely to remain bearish.

You can read the previous Bitcoin forecast here.

Disclaimer

All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

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Will Bitcoin be able to push off the $ 30,000 area
Will Bitcoin be able to push off the $ 30,000 area
Will Bitcoin be able to push off from the $ 30,000 area

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