Bitcoin Price Moves Higher In Range, $30.6K Still Presents Resistance


Bitcoin remained strong above the $28,500 support level against the US Dollar. BTC is on the rise, but it needs to clear $28,500 to move into positive territory.

  • Bitcoin started a new rally after it tested the $28,500 support area.
  • 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 $29,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue moving higher towards the key resistance area of ​​$30,600.

Bitcoin price forms a triple bottom

Bitcoin price extended below the $29,500 support area. However, the bulls were active near the main $28,500 support area.

A new base was formed near $28,600 and the price started a new increase. There was a clear move above the $29,200 and $29,500 resistance levels. The price has breached the 50% Fib retracement level of the downside move from the $30,630 swing high to $28,635.

Besides, there was a break above the major downtrend line with resistance near $29,800 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $29,500 and 100-hour simple moving average.

Bitcoin price

Source: BTCUSD on TradingView.com

There is an immediate resistance on the upside near the $30,160 level. It is near the 76.4% Fib retracement level of the downside move from the swing high $30,630 to $28,635. The next major resistance is near the $30,600 level. A clear move above the $30,600 resistance might start a steady increase. In the mentioned case, the price may clear the $31,200 resistance area.

A new drop in bitcoin?

If Bitcoin fails to clear the $30,600 resistance area, it may start dropping again. There is immediate support on the downside near the $29,600 level.

The first major support is near the $29,500 level and the 100 hourly simple moving average. A downside breakout below the $29,500 support could lead the price to drop further. The main support remains near the $28,500 level, where the bulls are likely to take a strong stance.

Technical indicators:

Hourly MACD – MACD is now gaining pace in bullish territory.

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

Key support levels – $29,500, followed by $28,500.

The main resistance levels are $30,150, $30,500 and $30,600.



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