Bitcoin price climbed above the $29,500 resistance. BTC spiked above USD 30,000 and is currently consolidating gains above a contiguous trendline.
- Bitcoin is showing positive signs above the USD 29,500 pivot level.
- The price is trading above $29,550 and the 100 Simple hourly moving average.
- A major bullish trendline is forming with support near USD 29,800 on the BTC/USD pair hourly chart (Kraken data feed).
- The pair could attempt another rise above the $30,000 resistance zone.
Bitcoin Price Attempts Upward Breakout
Bitcoin price held up well above the $28,800 support zone. BTC formed a support base and recently started a steady rise. There was clear movement above the main $29,500 resistance zone.
The bulls even pumped the price above the $30,000 resistance zone. However, the bulls failed to keep the price above $30,000. A high was formed near USD 30,190 and the price started a downside correction. There was a move below the $30,000 level.
Bitcoin dipped below the 23.6% Fib retracement level on its upward move from the $28,629 swing low to the $30,190 high. It is now trading above $29,550 and the 100 hourly simple moving average. A major bullish trendline is also forming with support near USD 29,800 on the hourly chart of the BTC/USD pair.
Source: BTCUSD at TradingView.com
Immediate resistance is near the $30,000 zone. The first major resistance is near the USD 30,200 level. The next major resistance is near the USD 30,400 level. A close above the USD 30,400 resistance could start another steady rise. In the said case, the price could test $31,200. Any further gains could open the door for a move towards $32,000.
Are dips limited in BTC?
If Bitcoin fails to clear the USD 30,000 resistance, it could start a fresh decline. Immediate support on the downside is near the $29,800 level and trendline.
The next key support is near the $29,400 level or the 50% Fib retracement level of the upward move from the $28,629 swing low to the $30,190 high, below which the price could take a hit. The next support is near the $29,200 level. More losses could lead to a move towards the $29,000 level in the near term.
Technical indicators:
Hourly MACD – The MACD is now 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 – $29,800 followed by $29,400.
Major resistance levels – $30,000, $30,200 and $30,500.