Bitcoin (BTCUSD) Surges Above $30410.0, Sets Higher

BTCUSD Analysis: The market continues its upward movement from $30410.0

BTCUSD is continuing its rise from the significant level of $30,410. The coin is progressing upward and shrugging off the bearish weight at this level. By doing so, Bitcoin will continue its tremendous progress since the price began reversing from the support level of $16,360 in November of last year.

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

The Bitcoin market is set to continue its recovery from the severe bearish bout it suffered over the last year. The buyers have used the $16360.0 demand level as a springboard to facilitate the reversal. From there, the coin has violated several key levels, including the $24810.0 price. Currently, Bitcoin has just managed to breach $30410.0.

Since the market broke through the $30410.0 level, it’s expected to keep going up without any obstacles. The EFI (Elders Force Index) powerline has climbed above the zero level since the market sprung off the $24810 support level. The time spent battling off the pressure at the $30410.0 level has caused the EFI line to drop, but it remains above the zero level.

Market Expectations

The MA period 75 (Moving Average) is padding the market from below, showing general market bullishness. The MA line has moved even closer to the candlesticks on the 4-hour chart. The EFI power line has clawed above the zero level from a negative value. Bitcoin is expected to continue its rise to the next resistance at $34760.0.

 

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