Bitcoin price is attempting another $29,500 hike. BTC could gain bullish momentum if it clears the $30,200 resistance zone in the near term.
- Bitcoin is slowly moving up from the $29,500 level.
- The price is trading below $30,200 and the 100 simple hourly moving average.
- A major bearish trendline is forming with resistance near USD 30,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start some significant gains if there is a close above the $30,200 resistance.
Bitcoin Price Aims Higher
Bitcoin price followed a bearish path below the USD 30,200 pivot level. BTC even broke the USD 29,850 level and tested the USD 29,500 level. A low is formed near $29,500 and the price is now trying to rise again.
The price climbed above the $29,850 and $30,000 resistance levels. There was movement above the 50% Fib retracement level of the downward move from the $30,448 swing high to the $29,500 low. The price is now consolidating near $30,000.
Bitcoin price is still trading below USD 30,200 and the 100 simple hourly moving average. Immediate resistance is near the $30,080 level. A major bearish trendline is also forming with resistance close to USD 30,100 on the hourly chart of the BTC/USD pair.
The trendline is near the 61.8% Fib retracement level of the downward move from the $30,448 swing high to the $29,500 low. The first major resistance is near USD 30,200. A close above the USD 30,200 level could trigger a fresh increase.
Source: BTCUSD at TradingView.com
The next major resistance is near the USD 30,500 level. More gains could open the door for a move into the $31,000 resistance zone.
Lose more in BTC?
If Bitcoin fails to clear the USD 30,200 resistance, it could decline further. Immediate support on the downside is near the $29,650 level.
The next key support is near the $29,500 level, below which the price could gain bearish momentum. In the said case, the price might decline towards the $29,200 support zone. Any more losses could send the price towards the $28,750 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 – $29,650, followed by $29,200.
Major resistance levels – $30,100, $30,200 and $30,500.