Bitcoin fell and reached the $29,000 resistance against the US dollar. To see a reasonable increase, BTC needs to settle above $30,000.500.
- Bitcoin was unable to surpass $31,000 in speed and has been corrected below $30,000.
- The price traded above $30,000 and above the simple moving average of 100 hours.
- The hourly BTC/USD chart showed a breakout above the connecting bearish trendline with resistance at $29,600 (data feed Kraken).
- Bullish momentum can be achieved if the pair closes above the $30,000.500 resistance.
Bitcoin Price Faces Several Hurdles
Bitcoin’s price began to fall from $31,500. BTC traded lower than the $30,000 support area and the 100 hourly simple movement average.
The price fell below $29,000. However, bulls were very active around the $29,000 mark. The price has recovered its losses and now stands at $29,060. Clear movement was seen above the $29,000. This price moved past the 23.6% Fib Retracement level, which was the lowest point of the decline since the 31,000 swing high at $29,000.60.
Bitcoin trades above the $30,000 mark and the 100-hourly simple moving average. The hourly BTC/USD chart showed a breakout above the connecting bearish trendline with resistance at $29,600.
The $30,300 mark is the immediate resistance. This is close to the 50% Fib level of the decline from $31,390 high to $29,000.060 low. An increase of at least 30% could be possible if the closing price is higher than $30,300.
Source: BTCUSD from TradingView.com
Near the $31,400 mark is the next significant resistance. In the next sessions, a clear break above the $30.300 or $31,400 resistance levels could trigger a new increase. A move above the $32,500 resistance may be the next major hurdle, and the price could rise to $34,000.
BTC’s Latest Decline
It could see a sharp decline if bitcoin does not gain momentum above the $31,400 level. The $29,600 level is a support area for the downside.
At $29,000, the initial major support level is close to. A major drop could be initiated by a downside breakout and an area close to the $29,000 level. If this is the case, then the price might fall towards $89,000.
Indicators technical
Hourly MACD – The MACD is now slowly gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $29,600, followed by $29,000.
Major Resistance Levels – $30,500, $31,400 and $32,500.
