Bitcoin saw a new increase, surpassing $30,000 in value against the US dollar. BTC has shown positive signs, and could rally further if the price reaches $30,000.
- Bitcoin has been growing faster than the $29500 and $30,000 resistance levels.
- The price traded above the $29500 and 100-hourly simple moving average levels.
- The hourly BTC/USD chart showed a breakout above a significant bearish trend line, with resistance close to $29,000. (data feed Kraken).
- It is possible for the pair to rise further once it clears $30,600.
Bitcoin prices rise at a rapid pace
The Bitcoin price reached a new base just above the $28,500 resistance zone. The price remained high and continued to rise above the $29,000. Resistance zone.
Price cleared 50% Fib Retracement of the downmove from $30,188 swing high, to $27,505 lower. Additionally, the price broke above the main bearish trend line, with resistance close to $29,000. This was seen on the hourly BTC/USD chart.
Today, Bitcoin is trading at above $29,000. Bitcoin also trades at the 76.4% Fib level, which is the lowest point of the decline from the $30.188 swing high and the $27.505 low.
Source: BTCUSD at TradingView.com
The $30,250 mark is the immediate resistance. Next is the $30,600 mark. Trend change may be possible if the price moves above $30,600. If the case is true, then the price might even surpass the $31,200 resistance. Near the $32,500 mark is the next significant resistance.
BTC – A New Decline
Bitcoin could begin a downward correction if it fails to break the $30,600 resistance level. The $30,000 mark is an immediate support level for the downside.
At the $29600 level, there is the initial major support. Now, the main support is forming at the $29300 level. The 100-hourly simple moving average is also nearby. The price could fall further if it breaks below $29,200. The price could possibly retest the $28,500 support area in the short term.
Technical indicators
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 60 level.
Major Support Levels – $29,500, followed by $28,500.
Major Resistance Levels – $30,250, $30,600 and $32,500.
