In the past 24 hours, Bitcoin underwent a retracement towards the lower boundary of its upward channel, breaching that level. Nevertheless, the $30,180 price level, which held significant importance in the past and is now considered a crucial support level, allows for an update to the ascending channel, thereby encompassing the price within its range once again. Consequently, if the lower boundary of the channel is breached, this static support will also be compromised. A breakdown of the current support and a decline below the $30,000 range could potentially lead to a correction in Bitcoin’s price. Conversely, breaking the downward trend line within the channel could serve as a positive indication, suggesting potential price growth towards the resistance level of $32,000. Should the lower boundary of the channel be breached, the primary support targets would be $29,500 and $28,276.
On the daily timeframe, Bitcoin’s price action disregarded the FVG gap between $29,600 and $28,400. Additionally, the price action is currently experiencing rejection from its horizontal resistance level, which is identified between the $31,000 and $30,500 levels. This rejection coincides with a weak volume profile, indicating a lack of substantial trading activity.
Nevertheless, despite the resistance encountered, all Exponential Moving Averages (EMAs) signal a support level for the price action.