Versus the US dollar, the price of Bitcoin is nearly 8% higher, week to date.

You can see from the weekly timeframe that support managed to remain in the fight at $28,844 this week, with price on the cusp of reclaiming the entire portion of last week’s 9% decline. While the Relative Strength Index (RSI) has recently pencilled in an overbought signal, the unit holding the aforementioned weekly support casts light toward resistance at $32,933.

Meanwhile, on the daily timeframe, the major crypto bumped heads with the 50-day simple moving average at $27,393, a move which I noted as a strong possibility in my latest Weekly Market Briefing here. To the upside, aside from the $31,050 peak formed on 14 April, I am now looking at daily resistance priced a little lower than weekly resistance at $31,404.

Therefore, both weekly and daily timeframes deliver a bullish vibe for now.

Against the backdrop of the bigger picture, price action on the H1 timeframe is testing the underside of the psychological level of $30,000. Above, resistance resides around $30,586, whereas a drop could aim for H1 support from $29,347.

So, according to the above chart studies, we have two potential scenarios on the table. Firstly, we could see offers consumed around $30,000 and breakout buyers make a run for at least H1 resistance at $30,586. Alternatively, a dip into H1 support from $29,347 unfolds, possibly encouraging dip buying to eventually overrun $30,000. Both scenarios, as you can see, align with the bigger picture’s direction: north.

Charts: TradingView

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