December 31, 2020, | AtoZ Markets - Bitcoin price rose today morning during the Asian session against the U.S. Dollar. Bitcoin bulls shattered the $29,000 resistance area with a high volume surge; however, the $30,000 level may even now represent a challenge. In the most recent hour, Bitcoin value rallied to set another all-time high at $29,300 area. On December 29, Bitcoin value endeavored to push through a hardened resistance bunch at $28,500 area, yet afterward, retracing to $28,600, the price was rejected by a keen correction to $27,300 area. In addition, Bitcoin is currently trading around $29,080 area and trying to recover higher. As per the current price action, BTC may face strong resistance around $29,300 area in the coming days.
Bitcoin Reached All-Time High as the Volume Surged Dramatically
Bitcoin is currently residing near $29,080 area and trying to push upside. Moreover, BTC has created a 4-hour bearish indecision bar after rejecting $29,000 to $29,300 key area.
Image: Bitcoin 4-Hour Chart
According to the 4-hour chart, Bitcoin reached an all-time higher and currently trading around $29,080 area. As per the current price action, if the price can have an impulsive 4-hour candle close below $29,300 to $29,000 resistance area, the bears may regain momentum and decline towards $27,200 to $27,000 area in the days ahead. Alternatively, if the price breaks above $29,000 to $29,300 area impulsively, the bulls may recover higher towards $29,900 to $30,000 area in the process.
In addition, the dynamic level of 20 EMA is currently residing below the price. It may work as strong support to push the price upside. Besides, the MACD lines are currently residing above the 0.00 level and may have a bearish intersection. Also, the histogram has created a bearish divergence. Both are indicating that bears may regain momentum in the coming days.
BTC May Revert Back to the Mean
According to the daily chart, Bitcoin reached an all-time high as bulls are optimistic. As per the current scenario, if the price can have an impulsive bearish daily candle close below $29,300 to $29,000 area, the bears may regain momentum and decline towards $27,200 to $27,000 area as a first target. The second target will be $24,200 to $24,000 area as the bullish gap needs to be filled up.
Image: Bitcoin Daily Chart
Furthermore, the dynamic level of 20 EMA is currently residing far below the price. Along with the Kijun line and the Tenakan line. So, the dynamic level may pull the price downside as a mean reversion. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level in the process.
To conclude, Bitcoin needs to fill-up the bullish gap before continuing the trend. A daily close is required to identify the definite momentum in the coming days.