The Bitcoin chart in the last 24 hours has shown good support around the $30,200 range, indicating buyers are actively entering the market at this level. Bitcoin is currently trading within an ascending channel, which suggests a positive trend. If the previous resistance level is broken, which lies in the range of $32,000 to $32,750, it could be a significant milestone for buyers, potentially driving the price higher.
However, there is an important resistance level at $31,500 that Bitcoin is currently facing. This resistance, coupled with a downward divergence in the price, suggests a potential correction. If the support range of $30,000 is lost, the next step would be a downward move towards the $29,500 support level.
Bitcoin is currently at a critical juncture. The ascending channel and the support at $30,200 indicate some positive momentum. However, the resistance at $31,500 and the downward divergence signal a potential correction.
Investors should exercise caution and carefully monitor the market. Breaking above the resistance level and reaching the target range of $32,000 to $32,750 could lead to a significant upward move. Conversely, if the support range of $30,000 is breached, it may trigger a downward correction towards the $29,500 support level.
Please note that investing in cryptocurrencies carries risks, and it is important to conduct thorough research and consult with a financial advisor before making any investment decisions. The cryptocurrency market is highly volatile, and prices can fluctuate rapidly. Good luck.