Versus the US dollar, the price of Bitcoin is nearly 8% higher, week to date.
You can see from the weekly timeframe that support managed to remain in the fight at
28,844 this week, with price on the cusp of reclaiming the entire portion of last week’s 9% decline. While the Relative Strength Index (RSI) has recently pencilled in an overbought signal, the unit holding the aforementioned weekly support casts light toward resistance at 
32,933.
Meanwhile, on the daily timeframe, the major crypto bumped heads with the 50-day simple moving average at
27,393, a move which I noted as a strong possibility in my latest Weekly Market Briefing. To the upside, aside from the 
31,050 peak formed on 14 April, I am now looking at daily resistance priced a little lower than weekly resistance at 31,404.
Therefore, both weekly and daily timeframes deliver a bullish vibe for now.
Against the backdrop of the bigger picture, price action on the H1 timeframe is testing the underside of the psychological level of
30,000. Above, resistance resides around 30,586, whereas a drop could aim for H1 support from 
29,347.
So, according to the above chart studies, we have two potential scenarios on the table. Firstly, we could see offers consumed around30,000 and breakout buyers make a run for at least H1 resistance at 30,586. Alternatively, a dip into H1 support from 29,347 unfolds, possibly encouraging dip buying to eventually overrun 30,000. Both scenarios, as you can see, align with the bigger picture’s direction: north.
You can see from the weekly timeframe that support managed to remain in the fight at
28,844 this week, with price on the cusp of reclaiming the entire portion of last week’s 9% decline. While the Relative Strength Index (RSI) has recently pencilled in an overbought signal, the unit holding the aforementioned weekly support casts light toward resistance at 32,933.Meanwhile, on the daily timeframe, the major crypto bumped heads with the 50-day simple moving average at
27,393, a move which I noted as a strong possibility in my latest Weekly Market Briefing. To the upside, aside from the 31,050 peak formed on 14 April, I am now looking at daily resistance priced a little lower than weekly resistance at 31,404.Therefore, both weekly and daily timeframes deliver a bullish vibe for now.
Against the backdrop of the bigger picture, price action on the H1 timeframe is testing the underside of the psychological level of
30,000. Above, resistance resides around 30,586, whereas a drop could aim for H1 support from 29,347.So, according to the above chart studies, we have two potential scenarios on the table. Firstly, we could see offers consumed around
30,000 and breakout buyers make a run for at least H1 resistance at 30,586. Alternatively, a dip into H1 support from 29,347 unfolds, possibly encouraging dip buying to eventually overrun 30,000. Both scenarios, as you can see, align with the bigger picture’s direction: north.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.