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This week, the crypto market received a significant uptick and triggered a recovery sentiment in several major cryptocurrencies. Thus, the largest crypto Bitcoin witnessed strong buying pressure and surged 8.3% higher to reach the current price of $29200. Can this recovery surpass the last swing high of $30600 and prolong the bullish rally?
Key Points:
- The bullish breakout from the $30650 barrier may set the Bitcoin price at 13% before hitting a significant resistance.
- Amid the recent correction, the 50-day EMA offers suitable pullback support.
- The intraday trading volume in Bitcoin is $10.5 Billion, indicating a 23% loss\.
Source-Tradingview
The recent recovery in Bitcoin price has nearly undermined last week’s correction, increasing the possibility of buyers challenging the $30600 peak. The buyers also breached a local resistance of $28800 offering an additional confirmation for a 5% rise to hit the aforementioned resistance.
A potential breakout from the $30600 offers an entry opportunity and intensifies the buying pressure to set the price rally to $32400, followed by $34500 or $37500. By considering their own capital and risk appetite, the long traders can put stoploss below the $30000 support.
Also Read: 15 New Cryptocurrencies In Upcoming Binance Listing For 2023
However, the daily RSI slope shows a triple bearish divergence indicating underlying bullish momentum in weakening. Thus, interested buyers must remain cautious at $30600 as any sign may of a famous bearish pattern called a double top and tumble of the Bitcoin price to $25000 psychological support.
Technical Indicator
Fibonacci retracement level: The recent correction in the Bitcoin price rebounded from 23.6% FIB is considered healthy for a long bull run.
Exponential Moving Average: the rising EMAs(20, 50, 100, and 200) indicate the buyers hold multiple support to sustain a bullish rally during occasional pullbacks.
Bitcoin Price Intraday Levels
- Spot rate: $29282
- Trend: Bullish
- Volatility: Low
- Resistance levels- $30650 and $32500
- Support levels- $29165 and $27000
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/assessing-growth-potential-in-bitcoin-price-for-may-2023-entry-opportunity-and-stoploss-marked/