Bitcoin price is steadily rising above $29,000. BTC could start a strong upward move if there is a close above the USD 30,000 resistance.
- Bitcoin is showing positive signs and it is rising towards the USD 30,000 resistance zone.
- The price is trading above $28,800 and the 100 Simple hourly moving average.
- A major ascending channel is forming with resistance near USD 29,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a major rise if it closes above the $30,000 resistance zone.
Bitcoin price is gaining momentum
Bitcoin price formed a base above the $28,000 support zone. BTC started a steady rise and bullish moves were seen after the Fed raised rates to 5.25%.
The bulls were able to push the price above the $28,800 resistance zone. There was a break above the 61.8% Fib retracement level of the downward move from the $29,975 swing high to the $27,665 low. It opened the doors to a move worth more than $29,000.
Bitcoin is now trading above $28,800 and the 100 simple hourly moving average. A major ascending channel is also forming with resistance near USD 29,600 on the hourly chart of the BTC/USD pair.
Immediate resistance is near the $29,420 level. It is close to the 76.4% Fib retracement level of the downward move from the $29,975 swing high to the $27,665 low. The next major resistance is near the channel, above which the price could rise towards the $30,000 resistance zone.
Source: BTCUSD at TradingView.com
Any further gains could open the door for a decent rally towards the $31,200 resistance. In the said case, the price might rise to the $32,500 level.
New Decline in BTC?
If the price of Bitcoin fails to clear the $29,600 resistance, it could trigger a downside correction. Immediate downside support is near the $28,800 level and the channel’s trendline.
The next major support is near the $28,600 zone or the 100 hourly simple moving average, below which the price could fall towards the $28,200 support zone. More losses could push Bitcoin to the $27,650 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 – $28,800 followed by $28,600.
Major resistance levels – $29,420, $29,600 and $30,000.