BTCUSD Hits $30,000

Bitcoin has continued its recent extreme pullback on the cryptocurrency market and has reached the psychological $30,000 support level. Technical analysis shows that the $29,000 level offers the strongest form of weekly support for the BTCUSD pair. The $29,000 level is the location of the bottom of an extremely large broadening ascending wedge pattern.

• The BTCUSD pair is only bullish while trading above the $33,000 level, key resistance is found at the $36,000 and the $40,000 levels.

• If the BTCUSD pair trades below the $33,000 level, sellers may test the $30,000 and $29,000 levels.