Bitcoin (BTCUSD) Breaks Above $30410.0

BTCUSD Analysis: Bitcoin (BTCUSD) Breaks Above $30410.0, Poised for Further Upside

BTCUSD is progressing in its agenda to maintain a steady increase. The pattern of movement is one of step-wise fashion. The incremental pattern was used to scale several key levels. At this point, the coin is trying to execute another operation to get above $30410.0. There has been a bit of struggle, but the market seems to get the better of the key level.

BTCUSD Key Levels
Supply Levels: $30410.0, $34760.0, $37790.0
Demand Levels: $24810.0, $19460.0, $16360.0

Bitcoin is still on course to scale higher heights. The coin has overturned the bearish market at $16360.0 and is now rising steadily to reclaim lost levels. The market is following a pattern of rising high, then retracing to a slightly lower level, before rising higher again and retracing to a slightly lower level, and so on. Currently, the price is trying to bypass $30410.0, and the price has marginally risen above it.

Buyers need to push more to establish the market above this key level before further upward movements. The MACD (Moving Average Convergence Divergence) has crossed upward and risen above the zero level. Big bullish histogram bars have formed to accompany the rise of the MACD lines. The daily Parabolic SAR (Stop and Reverse) dots are aligned below the candles. It’s a bullish market.

Market Expectations

The 4-hour timeframe shows us that Bitcoin is getting ahead of the $30410.0 key level and is trying to hold above it. This is demonstrated by the alternating dots of the Parabolic SAR (Stop and Reverse) in this timeframe. The MACD lines have plunged but remain above zero, as bulls still plan to attack the heights after this.

 

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