Bitcoin’s Bullish Momentum: Weekly and Daily Charts Signal Upward Trends
30 Jun 2023
Bitcoin Technical Analysis: Weekly Chart
Bitcoin’s Upward Momentum Continues in Weekly Chart
In the weekly chart, Bitcoin is showcasing a bullish trend within an upward channel. The cryptocurrency’s price is currently trading above all Simple Moving Averages (SMA), indicating a positive market sentiment. Additionally, the Relative Strength Index (RSI) is in the buying zone, further reinforcing the bullish outlook. The Stochastic oscillator is also suggesting an upward trend for Bitcoin.
Price Levels to Watch
- Immediate Support: 30057.90
- Resistance: 300861.87
Bitcoin experienced a significant drop, leading to a consolidation phase on the weekly chart. However, the price is now showing signs of upward movement, forming higher highs. Notably, it has successfully broken the previous week’s high and is currently hovering near a critical resistance zone. If Bitcoin manages to surpass this resistance zone, it may open doors for further upward momentum.
Bitcoin Technical Analysis: Daily Chart
Bitcoin’s Price Surge on the Daily Chart
Examining the daily chart, Bitcoin’s upward trajectory remains intact. Similar to the weekly chart, Bitcoin continues to trade within an up channel and is positioned above all SMA. The RSI indicator confirms the prevailing bullishness, residing within the buying zone. Furthermore, the Stochastic oscillator signals an upward trend for the cryptocurrency.
Key Support and Resistance Levels
- Immediate Support: 30329.90
- Resistance: 30817.35
After a period of consolidation, Bitcoin’s price on the daily chart has reversed course and started climbing once again. The cryptocurrency aims to break the resistance zone, and if successful in maintaining its position above it, further upside movement can be anticipated.
Trade Suggestion: Buy at 30843, Take Profit at 31435, SL at 30388
Considering the current technical analysis and market conditions, a potential trade suggestion is to buy Bitcoin at 30843 with a take-profit target set at 31435. However, it is important to establish a stop loss (SL) at 30388 to manage risk effectively.