Bitcoin Price Remains In Range, Why The Bulls Need To Take Control


Bitcoin has retested the major support area of ​​$28,500 against the US Dollar. Bitcoin is rising and the bulls may target a clear move above the $30,600 resistance.

  • Bitcoin is trading in a major range below the $30,600 resistance area.
  • The price is now trading near the $29,800 level and the 100 hourly simple moving average.
  • There is a crucial bearish trend line forming with resistance near $29,950 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could gain pace if there is a clear move above the key resistance area of ​​$30,600.

Bitcoin price still supported

Bitcoin price has kept showing well above $28,500 support area. There was a fresh increase that started from the swing low $28635 and the price rose above $29,000.

There was a break above the $29,500 resistance area and the 100 hourly simple moving average. The price even rose above the $30K level, but there was no continuation of the upward trend. A top formed near $30188 and the price is now consolidating its gains.

Bitcoin is trading near the $29,800 level, 100-hour simple moving average. There was already a test of the 50% Fib retracement level of the upward move from the $28,635 swing low to $30,188 level.

There is an immediate resistance on the upside near the $29,950 level. There is also a crucial bearish trend line forming with resistance near $29,950 on the hourly chart of the BTC/USD pair. The next major resistance is near the $30,180 level.

Bitcoin price

Source: BTCUSD on TradingView.com

The main resistance is still near the $30,600 area. A clear move above the $30,600 resistance might start a strong 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 $30,180 resistance area, it may start dropping again. There is immediate support on the downside near the $29,400 level.

The first major support is near the $29,250 level. It is near the 61.8% Fib retracement level of the upward move from the $28,635 swing low to $30,188. A downside breakout below the $29,250 support may bring the price down further. The main support remains near the $28,500 level.

Technical indicators:

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

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

The main support level is $29,400, followed by $29,250.

The main resistance levels are $29,950, $30,180 and $30,600.



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