Bitcoin tested the $28,500 key support zone in relation to the US Dollar. BTC is on the rise and bulls may aim for a move higher than the $30,600 resistance.
- Bitcoin trading is in a significant range under the $30,600 resistance area.
- The current price trades near $29,800 and the simple 100-hour moving average.
- A crucial bearish trend line is emerging with resistance at $29,950 (data feed Kraken).
- A clear move over the $30,600 resistance level could allow for a faster pace.
Bitcoin Price Remains Supported
Bitcoin prices remained high above the $28,500 level. The price rose above $29,000 after a new increase was initiated at the swing low of $28,635
The price broke above the $29,000.00 resistance level and the 100-hourly simple moving average. Although the price climbed to $30,000, there wasn’t any upside continuation. The price has been consolidating its gains since a high of $30,188 was reached.
Bitcoin trading is close to the $29800 level. The 50% Fib Retracement Level of the Upward Move from $28,635 low to $30,000. was tested.
Near the $29,000.950 level, there is immediate resistance to the upside. A crucial bearish trendline is currently forming near the $29,950 level on the hourly BTC/USD chart. Near the $30,000.180 level is the next significant resistance.
Source: BTCUSD at TradingView.com
However, the main resistance lies in close proximity to the $30,000. The $30,600 resistance might be broken and the market could see a significant increase. If the case is true, then the price might break the $31,200 barrier.
BTC’s Latest Decline
Bitcoin could begin a new decline if it fails to break the $30,180 resistance level. Support for the downside lies near $29,000.
It is located near $29,250. The 61.8% Fib Retracement level is the highest point of the upward movement from $28,635 low to $30,188 high. The price could fall further if it breaks below $29,250. Support is at $28,500.
Technical indicators
Hourly MACD – The MACD is slowly gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $29,400, followed by $29,250.
Major Resistance Levels – $29,950, $30,180 and $30,600.
