Cryptanalysis: Bitcoin Surpasses $30,500!

The time had finally come: today the long-awaited $30,500 breakout occurred. The only question is: can Bitcoin keep rising from here or is the fun over? Let’s look at the graphs.

Through the gray area

We’ll start this analysis with the weekly chart, where each candle represents 7 days. The main price levels are marked as gray zone ($30,500), black line ($25,000) and orange line ($19,800). There is also a blue line visible, but we will come back to that later.

The gray area is where Bitcoin has struggled the most. This zone has been broken above and that is a good sign. The currency has already made several attempts to survive this year, but without success.

Last time, the coin fell all the way to the $25,000 black line. From here, Bitcoin gradually regained ground, and this was necessary to avoid another drop to $19,800. This is where the highlight of 2017 took place and remains relevant and supportive to this day.

The blue line becomes the first resistance

Fortunately, we don’t have to worry less about the $25,000 and $19,800 limits, as BTC is currently trading at a price of $30,800. This is just above the gray zone, but just below the blue line. To see it better, let’s also look at the daily chart. Here each candle represents 24 hours.

Here we can better see the increase that the price managed to achieve through this zone. But the blue line directly above that is the point of the previous high. Although it was slightly above the gray zone, the price still fell from here. This may therefore cause some resistance.

However, if BTC reaches a higher value here, the uptrend is likely to continue. It would be extremely positive if the coin were also valued at $30,500, so we are now seeing investors placing buy orders instead of sell orders.