Bitcoin Eyes Fresh Increase But This Level Is The Key


Bitcoin is stable above the $29,600 support level against the US Dollar. BTC must clear the $31,350 resistance to start a proper rally.

  • Bitcoin is struggling to gain momentum above $30,500 and $30,600.
  • The price is now trading near the $30,000 level and the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $29,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could gain bullish momentum if there is a close above the $31,350 resistance.

Bitcoin price is unified

Bitcoin price finds support near $29,000 area And started a new increase. There was a clear move above the $29,500 resistance area and the 100 hourly simple moving average.

The price rose above the $30,000 resistance area. There was a move above the 50% Fib retracement level of the recent major decline from the $31,390 swing high to $29.060 low. However, the bulls struggled to stay in the action above the $30,500 region.

It faced resistance near the $30,600 level and the 61.8% Fibonacci retracement level of the recent major decline from $31,390, which rose to $29,060.

Bitcoin is now trading near the $30,000 level and 100-hour simple moving average. There is also a major bullish trend line forming with support near $29,650 on the hourly chart of the BTC/USD pair. There is an immediate resistance near the $30,600 level.

Bitcoin price

Source: BTCUSD on TradingView.com

The next major resistance is near the $31,350 level. A clear move above the $31,300 and $31,350 resistance levels may start a fresh increase in the near term. The next major resistance could be near the $32,000 level, above which the price may rise towards $33,200.

New Drop in Bitcoin?

If Bitcoin fails to rise above the $30,600 resistance area, it may start a new decline. There is immediate support on the downside near the $29,650 level.

The next major support is near the $29,150 level. A break-down and a close below the $29,150 support level could put pressure on the bulls. In the mentioned case, the price may drop towards the $28,000 level.

Technical indicators:

Hourly MACD – The MACD is now slowly gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Key support levels – $29,650, followed by $29,150.

The main resistance levels are $30,600, $31,350 and $32,000.



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