Does Bitcoin (BTC) Have the Steam to Reach $30,000?

Share Article
In Brief
  • Bitcoin has created a shooting star candlestick.

  • Weekly and daily technical indicators are still leaning bullish.

  • BTC is following an ascending support line.

  • promo

    Stake your points and qualify for the 200,000 USDT prize pool. Start staking now!

The Trust Project is an international consortium of news organizations building standards of transparency.

The Bitcoin (BTC) price continued its ascent last week, reaching another new all-time high of $28,422 on Dec. 27.

Sponsored



Sponsored

Short-term readings suggest that a top has not yet been reached and that another upward move could occur.

 

New Bitcoin High Creates Shooting Star

The BTC price continued its ascent during the week of Dec 21-27, reaching yet another new all-time high of $28,422 on Dec. 27.

Sponsored



Sponsored

Despite a relatively long upper wick, the weekly candlestick still looks bullish.

Furthermore, technical indicators do not yet show any weakness, suggesting that the trend is still bullish.

BTC Chart By TradingView

The daily chart shows the first signs of weakness, visible in the form of a shooting star candlestick created on Dec. 27. The candlestick was also combined with a bearish divergence in the RSI.

However, both the MACD and Stochastic oscillator are still bullish and could allow for the upward movement to continue.

BTC Chart By TradingView

Future BTC Movement

The six-hour chart for BTC shows the first clear signs of weakness in the form of a bearish divergence in both the RSI and MACD.

However, it also shows that BTC has been following an ascending support line since Dec. 10, which is currently near $25,000.

As long as BTC is trading above this support line, it is expected to continue moving higher.

BTC Chart By TradingView

The 30-minute chart shows that BTC has broken out from a descending resistance line, which came after a downward move that looked entirely corrective (highlighted in red).

If BTC is able to move above the current resistance area (0.618 Fib retracement), it would be expected to make another breakout attempt and possibly reach another new all-time high.

Conversely, the loss of the minor $26,000 support area could take BTC back down to the ascending support line at $25,000.

BTC Chart By TradingView

Conclusion

Bitcoin is expected to make another breakout attempt and possibly reach another all-time high. A decrease below $26,000 could trigger a significant drop.

For BeInCrypto’s previous Bitcoin (BTC) analysis, click here!

Disclaimer: Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. The views expressed in this article do not reflect those of BeInCrypto.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Sponsored
Share Article

Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

Follow Author

Limited offer! Learn to mine and trade crypto today for free

Join

Earn up to $10,000 USD every week in CoinFLEX AMM+ Arena!

Earn Now

Be our Supreme Scorer and qualify for a grand prize pool of 200,000 USDT!

Join