Bitcoin (BTCUSD) Price Forecast: April 29
BTCUSD is hereby set for a sharp rally to the $35000.00 supply value having finished with the lows. Thus, a breakout above the $31050.00 supply mark will invalidate any further bearish theory and a turnaround for the buy traders. The mentioned high value might be achieved in this new bullish pattern.
Key Levels:
Resistance Levels: $26000.00, $27000.00, $28000.00
Support Levels: $20000.00, $19000.00, $18000.00
BTC (USD) Long-term Trend: Bullish (Daily Chart)
BTCUSD pair is on its way to the upper resistance as it now trades in an upward channel in its higher time frame. The crypto’s price continues to face the buying pressure and the price bar is just above the two EMAs approaching the upper resistance trend line.
The sustained pressure from the bulls at the $30050.66 supply level during yesterday’s session has contributed to its bullishness in its recent high.
The ongoing correction at the $29483.37 resistance mark above the two EMAs indicates that the buy traders are actually investing in the coin. This new pattern will also improve and stabilize the aggressive buying from the previous rally.
Furthermore, the Bitcoin price will likely continue its upward move as shown by the stochastic oscillator which is pointing upward. Therefore, a bullish breakout above the current supply mark may trigger the coin price to reach a $35000.00 high value soon in the higher time frame.
BTC (USD) Medium-term Trend: Bullish (4H Chart)
The Bitcoin price also trades above the moving averages, this means that the coin is in an uptrend channel. The bulls are dictating the market conditions at present.
On the 4-hourly chart today, the buy traders made an increase to the $28933.67 supply level above the moving averages. This affirms a speedy return and the high impact of the buy investors in the market to move the coin market higher.
More upsides are expected as buyers are seen clustering around the market, it is therefore possible for the bulls to continue with this rally and the $35000.00 resistance mark might be achieved soon in its medium-term time frame.
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