Bitcoin price looks bullish on the 4-hour chart above the $28,800 support. BTC broke the $30,000 resistance level but faced selling interest near $30,500, and it started a downside correction. The price is currently trading near the $29,200 support zone and the 55 simple moving average (4 hours).
On the upside, key resistances are near the $30,500 and $31,500 levels. A successful close above the $30,500 could propel bitcoin price towards the $32,000 pivot level. To start a strong increase, the bulls need to clear the $30,500 level and maintain strength.
On the downside, an initial support is near the $29,200 level and the 55 simple moving average (4 hours). If there is a downside break below the $29,200, the price could start a major decline. The main support is near the $28,800 level, below which the price could drop towards the $27,000 and $27,500 support levels.
Overall, bitcoin price is likely to continue higher above the $29,200 level. A break above the $30,500 level could open the doors for a strong increase in the coming sessions.
Joseph Ruiz
- 2023-04-12
Bitcoin Price Might Increase Above $30,500
Bitcoin price is looking bullish on the 4-hour chart above the $28,800 support. The bulls need to break the $30,500 level to start a strong increase. The main support levels are near $29,200 and $28,800.
