Resistance at $30k

Crypto Compass 32

“Enthusiasm is common. Endurance is rare.” ― Angela Duckworth

• Bulls are doing everything they can to keep their position over $30k. This comes after a recently recorded 12-month high, which was slightly above $31k, last week. As volatility remains low, the Bollinger Bands are tightening to a similar width to just before BTC’s rally; tighter bands have led to abrupt moves in the past.

• Support at $30k remains key for the uptrend to resume. On the other hand, bitcoin miners have sent an all-time high of $128 million to crypto exchanges (315% of their daily revenue), and could be the catalyst of the next big move for BTC.

Figure 1: BTC’s price and Bollinger Bands, curves drawn in and around the price structure consisting of a moving average (a middle band), an upper band and a lower band that enable you to identify whether the price of an asset is relatively high or low.

• Over the weekend, RSI peaked at 72.92, which was near a ceiling of 73 and its highest point since late January. Although RSI has been decreasing to the 40s level, has increased again to the 60 area.

• Double-top pattern, MACD overbought, and RSI at top level suggest short-term reversal. Positive funding rates reflect bullish sentiment as risk continues to move around the upper and lower level. Stay cautious as BTC faces crucial levels, and traders looking to enter long positions in the Bitcoin price should wait until a trend reversal is confirmed above.

Figure 2: BTC’s RSI, a momentum oscillator that measures the speed and change of price movements.