This month saw Bitcoin through a massive explosion after taking off near its 7-month low. It cooled off a bit and later resumed buying. The price is now looking poise for a bigger rally on the higher timeframe.
After surging through several key resistance levels in the past week, it marked a 17-month high at exactly $35,280 and paused the rally for three days. It found a nearby support at $33,400 last Friday and bounced back.
It has added $1,200 so far and now charging to tap more gains. But as it appears now, the primary coin is trying to gather volatility for the bigger move. A daily candle close above this last week’s high could skyrocket the price towards the $40,000 level.
And if BTC fails to advance higher this week, a drop below last week’s low could activate a major pullback to the key support levels that flipped as resistance in the past weeks before resuming bullish at full speed.
While many short-traders remain trapped and are in disbelief of the current surge in volatility, some long-traders are also caught unaware as they wait for Bitcoin to retest the recently broken yearly high of $30,804 for a sizeable entry point. That may not come sooner than expected.
With the latest setup, Bitcoin is more likely to extend bullish momentum in the next couple of days before providing such a discount. The bulls are currently gaining control on the daily chart.
Bitcoin’s Key Levels To Watch
If the price climbs above last week’s high, the next daily resistance levels to consider for an increase would be $36,000, $37,000 and $38,000 respectively until it reaches $40,000.
A drop below the $33,467 level could bring the price to the low of $32,602 and $31,816. The lower support levels for drops are $31,011 and $30,240
Key Resistance Levels: $36,000, $37,000, $38,000
Key Support Levels: $33467, $32,602, $31,816
- Spot Price: $34,737
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.