Bitcoin hits $ 27K, why BTC could hit $ 30K before New Years
DECEMBER 27, 2020LEAVE A COMMENT ON BITCOIN REACHES $ 27K, WHY BTC COULD REACH $ 30K BEFORE NEW YEAR
The price of Bitcoin started another surge and broke the $ 25,000 resistance against the US Dollar. BTC is gaining momentum and could even visit $ 30,000 in the next few sessions.
Bitcoin is up 7%, breaking the $ 25,000 barrier, and nearly testing the $ 27,000 level. The price is now correcting lower but remains well supported above $ 25K and the 100 simple moving average (4 hours). A key bullish trend line is forming with support near $ 25,400 on the 4-hour chart of the BTC / USD pair (data feed from Kraken). The pair is likely to continue to rise towards the $ 28,500 and $ 30,000 levels in the near term.
Bitcoin Price Sets New ATH
In the past few days, there has been a steady rise in bitcoin price above the $ 24,500 resistance against the US Dollar. The BTC / USD pair broke through many hurdles near $ 25,000 and $ 25,500 to continue higher.
It is now up over 7% and is now trading well above $ 26,000. A new all-time high has formed near $ 27,000 and the price is currently consolidating gains. An initial support on the downside is near the $ 26,400 level. It is close to the 23.6% Fib retracement level of the recent surge from the low of $ 24,532 to the high of $ 26,991.
Bitcoin price
Source: BTCUSD on TradingView.com
The first major support on the downside is near the $ 25.8000 level. A key bullish trend line is also forming with support near $ 25,400 on the 4-hour chart of the BTC / USD pair.
The 50% Fib retracement level of the recent surge from the low of $ 24,532 to the high of $ 26,991 is also close to the trend line zone. On the upside, the $ 27,000 level is an initial resistance zone. A clear break above the $ 27,000 zone could open the doors for a push towards the $ 28,000 and $ 28,800 levels. Any other advantage could set the pace for a test of the key $ 30,000 level.
Compatible Dips in BTC?
If there is a decent downward correction, the bitcoin price could find offers close to the $ 25,800 and $ 25,500 levels. The next major support on the downside is near the $ 25,000 level.
The first major support is near the 24,200 level (the last key breakout zone). Any further losses could possibly drive the price back to the $ 22,000 support zone.
Technical indicators
4-hour MACD - The MACD for BTC / USD is gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) - The RSI for BTC / USD is now well above the 70 level.
Major Support Level - $ 25,000
Major Resistance Level - $ 28,000
