BTCUSD → The price is held back by resistance 30340

BTCUSD - an uptrend is forming on the chart within the price channel, but after a false breakdown of resistance, the price is not yet ready for a quick fall.

The price forms quite strong support area 27900-27000, which is quite actively defended by the bulls. The moving averages are acting as support, indicating an active trend. The price makes a false break-up of the MA-50 and goes back to the resistance for the next retest.
On the monthly chart, the price consolidates around the key resistance at 30430 for 2-3 months. There is no reaction to a false breakout.
Locally the price is squeezed in consolidation between channel resistance and 27000-27500 support level. I think another retest of the resistance could be successful.

Strong support: 27900, 27000.
Strong resistance: 30000, rising resistance line, 30430
I expect the end of formation of pre-breakdown consolidation with successful attempt to break through the upper border of the range, followed by the price growth to 32376, 36000

Regards to R. Linda!

Kommentera:

Triangle pattern is forming
In the medium term, I expect a breakout of resistance and a subsequent rise to 30000 and to 32000