Yesterday Bitcoin broke out of the ascending wedge being formed lately after several catalysts mainly caused by Crypto Twitter and WSB. Elon Musk added Bitcoin to his own biography on Twitter, causing a hyper around CT. Also the latest GME case of WSB have turned as an advantage for BTC and mainly Dogecoin and Tron. In this article we are going to discuss the latest updates in the BTCUSDT chart, mentioning our technical analysis and predictions.
Current Price: 34080$
Support lines: 1. 33441$ based on the trend line.
2. 32568$ based on previous resistance area.
3. 29400$ tested twice and failed to close a 1hr candle below this price.
Resistance lines: 1. 36437$ based on previous resistance area.
2. 38270$
3. 39960$ based on previous resistance area.
MACD Indicator: Bullish on 4hr timeframe
Bearish and getting closer to turn bullish on daily timeframe.
200 EMA: Around 32000$ and must act like a support area.
In the chart below we will mention 2 different moves possible to happen to BTC. In this moment it is most probably to continue in the bullish trend, but certain key levels will decide.
The chart above represents a 4hr chart of BTCUSDT on BINANCE Exchange. In this chart the red lines are considered as key levels for the next move. The green line represents the current trend line.
Bullish move
Bullish move with great price impact will happen if BTC price is able to pass 36519$ levels, retest this area and it is crucial to maintain this level as a support level on 4hr timeframe. In this case the next target will be around 39000$.
Bearish move
Only if BTC breaks down this trend line, retests the trend line and will go deeper and may retest 32500-31000 range.
Right now BTC is showing 34000$ as a good accumulation zone and will most probably try to go back to 35500$ levels before the next massive move.
This was a brief TA of BTCUSDT
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