Bitcoin began a new rise from the $28,500 resistance zone in relation to the US Dollar. BTC has to cross $30,600 in order to be in a positive zone.
- Bitcoin established a Bitcoin base of over $28,500. This triggered a new rise.
- The price traded above $30,000 and the simple 100-hour moving average.
- On the hourly chart for the BTC/USD pair, there is a significant bearish trend line with resistance at $30,000. (Data feed from Kraken).
- A clear move higher than $30,600 could give the pair bullish momentum.
Bitcoin price is facing resistance
After a long decline, Bitcoin found support in the $28,500 area. After a steady decline, a base was established near $28,600. This triggered a new increase.
Clear movement above $29,500 resistance and 100 hourly simple moving mean was evident. Even pushing the price higher than the $30,000 resistance area, the bulls did so. They now face a difficult task close to the $30,600 mark.
A major bearish trendline is also in place with resistance close to $30,400. This can be seen on the hourly BTC/USD chart. An hourly high has formed around $30,721 with the price consolidating gains.
Price is above 23.6% Fib Retracement Level of the Upward Move from $28,590 Low to $30,721 High. A resistance level is located near the $30,000. Near the $30,000.600 level is the next significant resistance.
Source: BTCUSD from TradingView.com
In the short term, a clear rise above the $30,000. and $30.600 resistance levels could trigger a new increase. A move above the $31,500 resistance level could signal a new bullish trend.
BTC – A New Decline
It could lead to a further decline if bitcoin does not gain momentum above the $30,000.00 resistance zone. The $30,000 mark is the immediate support for the downside. Near the $29 800 level, the first significant support and the 100 hourly SMA are both.
Near the $29 655 level is the next support. This support is close to the 50% Fib level of the upward movement from the $28,590 swing high to the $30,721 low. The price could fall further if it closes below the $29650 support. The price may drop to $28,500 in the above scenario.
Technical indicators
Hourly MACD – The MACD is now slowly losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $29,800, followed by $29,650.
Major Resistance Levels – $30,600, $31,200 and $31,500.
