Pressure is likely to shoot up if short traders capitalize on an incoming #sell signal from the Moving Average Convergence Divergence (MACD) indicator.
This call to sell #BTC would manifest when the MACD line in blue crosses below the signal line in red.
Generally, the movement of the momentum indicator as it drops toward the mean line (0.00) and possibly the negative region would tighten the bearish grip—a move likely to trigger a selloff below $30,000.
Some of the key levels that #traders must keep in mind are the resistance at $31,000 and support at $30,000.
Notably, a break and hold above $31,000 would encourage more #investors to join the bandwagon, targeting a breakout to $35,000 and $38,000.
Bitcoin may be in grave danger of dropping to $25,000 in the event support at $30,000 crumbles.
Traders must consider the tentative buyer congestion at $28,000, which might allow Bitcoin to sweep through fresh #liquidity ahead of a bullish reaction.
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