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Bitcoin Bulls Holding Up Strong, BTC/USD Primary Support at $30k

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Bitcoin price Prediction cryptotelegram

Presently, it is the waves of bombardment afflicting Bitcoin and crypto markets, capping progress.

At this pace, bears are hell-bent on squeezing out any form of optimism participants are hinging on.

The Bitcoin price action is nothing but in a sorry state.

Bitcoin Market Performance

Even amid the price collapse, there is a tinge of hope from a fundamental perspective.

Technically, there is hope too.

For instance, how the BTC/USD prices are holding up above $30k is a marvel considering the FUD-driven market traders find themselves entangled in.

If anything, $30k is a critical support level, a loading point, and perhaps the last frontier for buyers who expect a reversal of fortunes and a race back to $64k in the days ahead.

Traders expect the China FUD to pass.

At present, officials are cracking down on Bitcoin mining operations.

Miners, who are critical in shaping Bitcoin price action as primary suppliers of the store of value asset, are being battered and deliberately attacked using regulations.

The good news is, on-chain trackers point to “diamond hands” and HODLing. This could be due to perhaps liquidity issues or (encouragingly) confidence in Bitcoin’s prospects.

BTC/USD Short Term Trend Depends on $30k

All the same, traders are conflicted. Some expect either a rebound higher towards the $40 to $50k range or a dump down between $20k and $30k.

According to one trader on Twitter, CryptoDonAlt, spot Bitcoin prices are not a good level to long or short.

Looking at how prices pan out in the daily chart, the short-term trend will be defined by the direction of the breakout.

Losses below the psychological $30k level would dampen activity, possibly sparking more FUD and heaping selling pressure on BTC/USD struggling to cope with bears.

Even though Bitcoiners are holding up well, hoping for a rebound, another trader is expecting the worse. He notes of bears “knocking” on $30k support again and again.

In his assessment, the current state of BTC/USD isn’t bullish, advising new traders to check at price action of 2018—when BTC/USD prices fell below $6k.

It is the same sentiment carried over to Trading View. There, one analyst VincePrince observes that BTC/USD is under immense pressure.

VincePrince--Bitcoin

Nonetheless, Bitcoin bulls must sustain prices above $30k and quash any bears’ attempts for elevated chances of buy trend continuation.

Suppose Bitcoin prices find support at spot rates; sustained gains above $37k would develop the necessary momentum for a lift-off above $40k to around $45k–the primary resistance trend line.

Bitcoin set for a 40% Rally to $52.5k

Despite the BTC and crypto draw-down wave, another trader, GoldenEngine, is hopeful, expecting Bitcoin prices to snap back to trend.

GoldenEngine--Bitcoin

In that case, he predicts BTC/USD to rally by another 40 percent to $52.5k. The path higher wouldn’t be smooth.

Immediate bumps stand at $35k—which he describes as a critical level area and the “shoulder” of a head-and-shoulder pattern clear in the 4HR chart.

The path upside is only valid provided BTC/USD moves inside the main support trend line visible in the 4HR chart.

Technical charts courtesy of Trading View

Disclaimer: Opinions expressed are not investment advice. Do your research.

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Passionate about Blockchain, Crypto, Blockchain, and Bitcoin. Excited of what lies ahead. Advocating adoption. HODLer!

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