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Bitcoin Price Prediction: BTC/USD Hovers Above $29,000 High, Reaches a Striking Distance Against the Psychological Price Level of $30,000

Bitcoin (BTC) Price Prediction – December 31, 2020
Today, BTC/USD has rallied above $29,000 at the time of writing. It appears Bitcoin bulls are making attempt to make history by reaching the price level of $30,000. There is a certainty that the psychological price level will be attained if the momentum is sustained. Besides, the crypto does not need to face any rejection.

Resistance Levels: $28,000, $29,000, $30,000
Support Levels: $18,000, $19,000, $20,000

BTC/USD – Daily Chart

Following three days of correction between $26,000 and $28,000, the bulls have succeeded in breaking the resistance at $28,000 on December 29. Buyers are also making concerted efforts to break the $29,000 high. Presently, buyers are struggling to break the $29,000 resistance level. The breaking of the $29,000 convincingly will determine whether BTC will attain the targeted price level. On the other hand, a rejection at the recent high will amount to three days correction. In the meantime, the BTC price is hovering above $29,000 pending the resumption of the bullish momentum.

Bitcoin (BTC) Indicator Reading
The daily stochastic indicates that Bitcoin is above the 80% range which suggests a strong bullish momentum. In a trending market, Bitcoin will continue to rise irrespective of the coin reaching the overbought region of the market. The coin is at level 69 of the Relative Strength Index period 14. The index is also in the overbought region of the market. Therefore, it is doubtful if the rally will continue for the crypto to reach the target price of $30,000.

BTC/USD – 4 Hour Chart

Bitcoin has broken above the $29,000 price level and pulled back. Meanwhile, on December 27 uptrend; a retraced candle body has tested the 61.8% Fibonacci retracement level. The retracement indicates that Bitcoin will rise and reach level 1.618 Fibonacci extensions or the high $30,803.80 high.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.

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