Bitcoin’s Choppy Session Continues – Quick Daily Outlook - Forex News by FX Leaders
Bitcoin’s Choppy Session Continues - Quick Daily Outlook

Bitcoin’s Choppy Session Continues – Quick Daily Outlook

Posted Thursday, May 26, 2022 by
Skerdian Meta • 2 min read

Bitcoin has retested the critical $28,500 support level against the US dollar. BTC is rising, and bulls may aim for a clear break above the $30,600 resistance. BITCOIN is currently trading in a wide range below the $30,600 resistance level. The price is currently trading near $29,800 and the 100 hourly simple moving average.

On the hourly chart of the BTC/USD pair, a critical bearish trend line is forming with resistance near $29,950. The pair could pick up speed if there is a clear move above the key $30,600 resistance zone.

Bitcoin Price Remains Stable

Bitcoin’s price has remained well above the $28,500 support level. A new increase was initiated from the swing low of $28,635, and the price climbed above $29,000.

BTC/USD

A break above the $29,500 resistance zone and the 100 hourly simple moving average has occurred. The price even rose above $30,000, but no further upward movement has been seen since then. The price has reached a high near $30,188 and is now consolidating gains.

Bitcoin is currently trading near $29,800 and the 100 hourly simple moving average. There has already been a test of the 50 percent Fib retracement level of the upward move from the swing low of $28,635 to the high of $30,188.

On the upside, immediate resistance is near the $29,950 level. On the hourly chart of the BTC/USD pair, a critical bearish trend line is forming with resistance near $29,950. The next significant resistance is around $30,180.

The main resistance is still around $30,600. A clear break above the $30,600 resistance level could spark a significant increase. The price may break through the $31,200 resistance zone in this scenario.

Bitcoin Price Drop?

If bitcoin fails to break through the $30,180 resistance level, it may fall further. On the downside, there is immediate support near $29,400.

The first major support is around $29,250. It is close to the 61.8 percent Fib retracement level of the upward move from the swing low of $28,635 to the high of $30,188. A break underneath the $29,250 support level could lower the price. The main support is still around $28,500. Good luck!

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