Here is the Bitcoin Breakout Plan-Watch Out for These Levels in the Next Few Hours!

The post Here is the Bitcoin Breakout Plan-Watch Out for These Levels in the Next Few Hours! appeared first on Coinpedia Fintech News

The price movement of the star crypto Bitcoin has been bearish for the past few days, ever since the time when it faced rejection from the yearly highs. Soon after the bears took back control at $31,000, the price began to drop. After the recent rebound, the BTC price appears to be quite confident on the next move, as it may further clear some crucial levels, triggering a fine upswing. 

The BTC price has been trading within a short-term channel-down pattern since April’s high. The latest rebound that was made on the MA-100 acted as a strong base and triggered a fine rebound from the lows. Technically, this level can alter the current pattern dynamics as it falls into the category of macro support levels. 

Now that the BTC price is testing crucial resistance levels, a daily close may have a larger impact in the coming days. A daily close below may be considered bearish and may drag the price toward the -1.0 Fibonacci extension. In such a case, the target could be the red line, which represents the MA-200 levels at $23,000. Else, if the daily close is above $29,850, then a bullish break-out may raise the price towards the 2.0 FIB levels towards the target at the green line at $33,000, which is the MA-100 level. 

Anything within the two resistance or support levels is short-lived with high volatility, but the range within the daily MA-200 and 4H MA 200 represented by the orange line can be scalped using 4H MA–50 (blue line) as Pivot. Although the short-term trend flashes the possibility of a bearish breakdown below $25,000, in the larger time frames, BTC price continues to remain largely bullish.