Bitcoin Price Above $27,000- Is the Breakout Real or a Trap to Drag the Price to $20,000?
The post Bitcoin Price Above $27,000- Is the Breakout Real or a Trap to Drag the Price to $20,000? appeared first on Coinpedia Fintech News
Bitcoin price is displaying magnificent moves in recent times as the crisis within the US banking system deepens. Therefore, the prices appear to continue to rise throughout the impending weekend, aiming to reach $30,000 at the earliest. However, these levels are extremely crucial as along with being a strong resistance zone, it is the POC or Point of Control at which the greatest number of tokens have been traded with a higher volume.
Based on the historical performance, the BTC price displays the probability of plunging down to $20,000 fully or partially to fill the GAP formed on the CME Futures. These gaps have been filled at least partially every time. So when will the current Gap be filled?
Bitcoin price is raising now and the next strong resistance is around $30,000. The price earlier witnessed huge swings at these levels where-in huge volume was also registered. Hence surpassing these levels may not be easy but once done may spark a minor bull run ahead.
Source: Tradingview
Previously, the token was stuck at these price levels for quite a long time as the bulls and bears continued to perform their duties. This attracted a huge volume over the platform and hence testing these levels appear to be extremely important for the BTC price which may completely eliminate the bearish influence.
Besides, considering the Elliot Wave perspective there are valid bearish and bullish scenarios in the whole uptrend that ignited at $15500 to the current levels above $27,000. Moreover, the price has been flowing within an expanded channel which may spark a rejection from the resistance which is just a couple of dollars above. If the price surpasses this level, a clear test at $30,000 could persist.
Therefore, Bitcoin (BTC) is expected to reach $30,000 anyhow and display a diverse trend at these levels. Huge trades have been carried out at these levels in the past and hence it rises the possibility of massive price action. A breakout from these levels may rise the levels beyond $35,000 to reach $40,000, while a drop may drag the price close to $20,000.
Filed under: Bitcoin - @ March 18, 2023 10:04 am