Bitcoin saw a new increase in value from the $28,500 support area against the US Dollar. If the BTC moves above $30,600 resistance level, it could rally.
- Bitcoin formed an unusual double bottom at $28,500. It then rose higher.
- The price has traded at or above the $30,000 mark and the 100 hourly simple moving mean.
- On the hourly chart for the BTC/USD pair, there is support close to $29 800. This trend line forms a bullish signal (data feed Kraken).
- A clear move higher than $30,600 could give the pair bullish momentum.
Bitcoin price could soon rally
The Bitcoin price was well above $28,500. The price rose again after a second bottom was formed at $28,500.
Clear movement was seen above the $29,000.00 resistance zone, and 100-hourly simple moving average. Even the $30,000 resistance level was breached, and prices rose. The bears remain active in the $30,600 zone.
The market traded as high at $30,000. It is now correcting lower. Below the 23.6% Fib level of the upward swing from the $29225 swing low to the $30,500 high, there was no movement.
To the downside, a bullish trend line is emerging with support at $29,800. It trades above the $30,000 mark and the 100-hourly simple moving mean. The $30,450 mark is the immediate resistance. Near the $30,000.600 level is the next significant resistance.
Source: BTCUSD from TradingView.com
An obvious move above the $30,000.600 and $30.450 resistance levels may trigger a significant rally. A move above the $31,500 resistance may be the next major hurdle. Above which, prices could rise up to $32,500.
BTC – A New Decline
Bitcoin could begin a new decline if it fails to break the $30,600 resistance level. Near the $30,000 mark, there is immediate support. It is located near the trend line at $29,850 and close to the $2985 level.
This trend line lies close to the 50% Fib level of the upward swing from the $30,500 low to $29,225 high. The trend line could be crossed if the price moves below that level. This would place the price at the $28,500 support.
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 – $29,850, followed by $29,600.
Major Resistance Levels – $30,600, $31,200 and $31,500.