BTC bulls defend $27k support; what are the chances of a rally to $30k?

Evidence from the order flow and the price action suggested that a bounce toward $28.5k was likely to occur, but there was a slight chance we revisit $27k againDisclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.The defense of the $27k area is a key factor in gauging whether bulls possess enough steam to drive prices higherappeared to change its fortunes over the past three weeks.

It stretched from $26.9k to $27.5k and was retested as support in recent hours. It was likely to witness a bullish reaction in the coming days, as the Relative Strength Index showed bullish momentum was back. The structure was also in favor of the buyers. The On-Balance Volume on the daily chart saw little change since April given the relatively low trading volume, but LTF charts showed the OBV climbing higher. Combined with the price action, it seemed likely that BTC was headed toward $28.5k once more. A breakout past this level could see the king coin run toward the range high, but the resistance around $30k could be tough to break down.

For lower timeframe traders, another dip to the $27k level would present a good risk-to-reward buying opportunity.MobChart data showed a $3.82 million limit buy order at $27k placed within the past 24 hours. It also noted a $3.12 million limit sell order at $28.5k set just hours before press time. The proximity of the buy order suggested it was likely that BTC could climb higher.Evidence from the order flow and the price action suggested that a bounce toward $28.5k was likely to occur.

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