Bitcoin remains stable above $29600 against the US Dollar. To see a significant increase, BTC needs to clear $31,350 resistance.
- Bitcoin has struggled to gain momentum over $30,500 or $30,600.
- Now, the price of the stock is trading at the $30,000 mark and near the simple moving average 100 hours per hour.
- On the hourly chart for the BTC/USD pair, there is support close to $29650. This trendline forms as a bullish indicator (data feed Kraken).
- Bullish momentum can be achieved if the pair closes above the $31,350 resistance.
Bitcoin Price Consolidation
Bitcoin’s price reached support at $29,000 and began a new increase. The bitcoin price moved above the $29,000.00 resistance area and the 100-hourly simple moving average.
The price reached the $30,000 resistance area. The price moved above the 50% Fib Retracement level for the previous major decline, which was from $31,390 swing highs to $29,000.060 lows. But, bulls failed to remain above the $30,000. zone.
It was unable to overcome resistance at the $30,600 level, and near the 61.8% Fib Retracement level for the main fall from the $31,390 swing high, to the $29,060 lowest.
Bitcoin trading is currently near the $30,000 and 100 hourly simple moving Average levels. On the hourly BTC/USD chart, there is a bullish trend line that forms with support at $29650. A resistance level is located at the $30,000.
Source: BTCUSD from TradingView.com
Next is $31,350. An obvious move higher than the $31,300 resistance level and the $31,350 resistance level could signal a further increase. Next, the key resistance level could be at the $32,000 mark. If the price moves above that point the price may rise to $33,200.
BTC Drops Freshly
Bitcoin could begin a new decline if it fails to move above the $30,000.00 resistance level. Support for the downside lies near $29650.
Near the $29150 support level is the next significant support. The bulls might feel the pressure of a downside breakout and a close below $29,150. If this is the case, then the price might fall to $28,000.
Technical indicators
Hourly MACD – The MACD is now slowly gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $29,650, followed by $29,150.
Major Resistance Levels – $30,600, $31,350 and $32,000.
