BTCUSD → The price is held back by resistance 30340

2023年5月6日

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!

2023年5月7日

註釋

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