Bitcoin is priced at 29000, at the support level, where the market seems to stumble and may continue its move upwards towards the resistance level. The resistance level is priced in at 31,000. The bullish formation on the candles is already creating a bullish momentum as we see the higher highs and higher lows of the candles. Other than this, the trend on the current time frame is bullish and may continue moving up.

The descending trendline is on the verge of breaking out and giving us the confirmation for the market to tap up.

The retracement level of 38% is in confluence with the market support level. 

EMA 50 is also bullish and may find retracement at the support level, retesting it and forming a potential confluence with the support and EMA 50 retest.

RSI is at 56. It needs to be assesed at the neutralized level of the oscillator, which aligns with the perfect timed chart structure.

Confusion between bulls and bears

Apr 30 2023