Bitcoin Bounced Back From $30,000 Price Area – Will Continue Higher?


Bitcoin has become volatile and still residing inside the range of $30,000 to $41,000 price area. Bitcoin bounced back from $30,000 significant support level. Will the price continue further higher in the coming days? What are the charts and technical indicators are saying? Read on to find further insights into today’s BTC/USD Technical Analysis.

June 28, 2021, | AtoZ Markets – Bitcoin price climbed today morning during the Asian session against the U.S. Dollar. Bitcoin is currently trading around $34,200 price area and trying to push downside. After bouncing from $28,500 to $30,000 support level last Saturday, the bulls pushed the price higher quite impulsively, but failed to break above $35,000 to $36,000 price area. As per the current price action, the price may face strong resistance at the dynamic level of 20 EMA on the daily chart in the coming days.

Bitcoin Bounced Back as the Investors Are Still Optimistic

Bitcoin is currently residing near $34,200 price area and trying to decline. However, the price had a 4-hour bearish engulfing candle close after rejecting $36,000 to $35,000 price area.

Bitcoin Bounced

Image: Bitcoin 4 Hour Chart

According to the 4-hour chart, Bitcoin bounced back and currently trading around $34,200 price area. As per the current price action, if the price can have an impulsive bearish candle close below the last engulfing candle’s low, the bears may regain momentum and push the price down towards $30,000 to $28,500 price area again in the coming days. On the contrary, if the price can break above $35,000 to $36,000 resistance area with an impulsive bullish candle close, the bulls may continue further upward towards $40,000 to $41,000 price area in the process.

Furthermore, the dynamic level of 20 EMA is currently residing below the price, which may work as strong support in the days ahead. However, the bears may regain momentum if the price can break below the dynamic level with an impulsive bearish candle. Also, the MACD lines are currently residing above the 0.00 level and gradually moving upside. It indicates that the bulls may continue further higher in the coming days.

BTC Bears May Regain Momentum

According to the daily chart, Bitcoin bounced back, but the dynamic level may work as strong resistance. As per the current scenario, if the price can have an impulsive daily bearish candle close below $36,000 to $35,000 resistance area, the bears may regain momentum and push the price downside towards $30,000 to $28,500 area as a first target. The second target will be $26,000 to $25,000 price area if the price can break below $30,000 to $28,500 support level in the coming days.

Bitcoin Bounced

Image: Bitcoin Daily Chart

In addition, the dynamic level of 20 EMA is currently residing over the price. Along with the Bollinger Bands middle band. So, the dynamic level may act as strong resistance to push the price downward. Besides, the Bollinger Bands middle band may work as a confluence of the dynamic level in the process.

To conclude, as long as the price residing below $36,000 to $35,000 resistance area, there will be a high chance that the bears may continue further lower in the coming days. 

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