BTCUSD Analysis: The Market Attempts to Hold Above $30410.0
BTCUSD has been making a steady upward movement since halting its plunge last year. The rise of the market is systemic in that when it rises above a level, it takes its time to solidify its grip above the level before pushing higher to a higher level. The coin has stabilized itself above $24810.0 and is trying to rise above the next level at $30410.0.
BTCUSD Key Levels
Supply Levels: $30410.0, $34760.0, $37790.0
Demand Levels: $24810.0, $19460.0, $16360.0
The Bitcoin market is gradually making its way upward. Despite the stepwise upward movement, the market maintains a rising channel. Starting from $16360.0, where the market is making its general reversal, the coin is seen to spring off one level to breach the barrier above it, then hold above the new level. This has occurred repeatedly.
The price is above $24810.0 right now, having taken time to hold above it and establish the market. Currently, the coin is trying to negotiate the same way to rise above the $30410.0 resistance level. The market’s volatility is on a generally steady increase, as shown by the ATR (Average True Range) on the daily timeframe. The latest move of the coin also shows a major rise in momentum, as seen on the Moment indicator.
Market Expectations
On the 4-hour timeframe, there has also been a spike in volatility; however, that is coming down now as BTCUSD tries to hold above the $30410.0 key level. The momentum has likewise dropped, as shown by the 4-hour Momentum indicator. Bitcoin will try to push its level higher; however, a failure to do this will keep the price above $24810.0, whereas market consolidation could set it below $30410.0.
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