Bitcoin was strong against the US Dollar, despite the $28,500 support. BTC continues to rise but needs $28,500 support against the US Dollar in order for it to be considered a positive currency.
- Bitcoin experienced a fresh surge after testing the $28,500 support area.
- The price has traded at or above $29,500.
- On the hourly chart for the BTC/USD pair, there was a break above the major bearish trendline with resistance at $29 800 (data feed Kraken).
- This could allow the pair to continue their climb towards $30,600 as resistance.
Bitcoin Prices Form a Triple Bottom
Bitcoin’s price continued falling below the $29,000.500 support zone. However, bulls were active close to the main $28,500 support area.
Near $28,600, a new base was established and the price began a fresh rise. Clear movement was seen above $29,000. and $29,000.500 resistance levels. Price reached 50% Fib Retracement of the downmove from $30,630 high to $28,635 lowest.
On the hourly charts of BTC/USD, the pair also broke above the major bearish trendline with resistance at $29,800. Bitcoin is trading at above $29,500 and the simple 100-hour moving average.
Source: BTCUSD from TradingView.com
Near the $30,160 mark is immediate resistance to the upside. This is close to the 76.4% Fib Retracement level for the downmove from the $30,000. swing high, to the $28,635 low. Next is the $30,000. An increase in price above the $30,000.00 resistance level could signal a strong move. If the case is true, then the price might break the $31,200 barrier.
BTC’s Latest Decline
It could also begin another downturn if bitcoin does not clear the $30,000.00 resistance zone. Support for the downside lies near $29600.
It is located near $29,500. The 100 hourly simple moving mean will be the initial major support. The price could fall further if it breaks below $29,500. Main support remains at the $28,500 mark, where bulls can take a strong stand.
Indicators technical
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.
Major Support Levels – $29,500, followed by $28,500.
Major Resistance Levels – $30,150, $30,500 and $30,600.
