Bitcoin started a new surge and crossed $30,000 against the US Dollar. BTC is showing positive signs and may rise further if it crosses $30,600.
- Bitcoin is gaining ground above the $29,500 and $30,000 resistance levels.
- The price is now trading above the $29,500 level and the 100 hourly simple moving average.
- There was a break above the major downtrend line with resistance near $29,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise further if it clears the $30,600 resistance area.
Bitcoin price hike
Bitcoin price formed new base above Main $28,500 support area. Supply remained good and started a fresh increase above the $29,200 resistance area.
The price cleared the 50% Fib retracement level of the downside move from $30,188, up to the low at $27505. Besides, there was a break above the major downtrend line with resistance near $29,200 on the hourly chart of the BTC/USD pair.
The pair is now trading above the $29,500 level and 100-hour simple moving average. Bitcoin is also trading above the 76.4% Fibonacci retracement level of the downside move from $30,188 high to $27,505.
Source: BTCUSD on TradingView.com
There is an immediate resistance on the upside near the $30,250 level. The next major resistance is near the $30,600 level. A clear move above the $30,600 resistance may require a change of direction. In the mentioned case, the price could clear the $31,200 resistance. The next major resistance is near the $32,500 level.
A new drop in bitcoin?
If Bitcoin fails to clear the $30,600 resistance area, it may start a downside correction. There is immediate support on the downside near the $30,000 level.
The first major support is near the $29,600 level. The major support is now forming near the $29,300 level and the 100 hourly simple moving average. A break-down below the $29,200 support could lead the price to drop further. In the mentioned case, the price may revisit the $28,500 support area in the near term.
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 60 level.
Key support levels – $29,500, followed by $28,500.
The main resistance levels are $30,250, $30,600 and $32,500.