Bitcoin Price Correction: Support Holds, Potential for Another Increase
The price of Bitcoin is currently correcting gains and trading below the $29,800 level. However, it is still trading above $29,400 and the 100 hourly Simple Moving Average. A key bullish trend line with support near $29,840 was recently broken, but the pair could start another increase if it remains above the $29,400 support zone.
- Bitcoin price experienced a decent increase above the $29,400 and $29,500 resistance levels.
- There was a break below the $30,000 and $29,800 levels, causing a downside correction.
- The price is currently trading above $29,400 and the 100 hourly Simple Moving Average.
- Immediate resistance levels are at $29,680, $29,800, and $30,000.
- If the price manages to close above the $30,200 resistance, it could potentially test $31,200 or even $32,000.
If Bitcoin fails to clear the $29,800 resistance, it could start a fresh decline. Immediate support is near the $29,400 level, followed by the $29,300 level or the 100 hourly SMA. Further losses might call for a move towards the $28,680 level in the near term.
Overall, Bitcoin is currently experiencing a correction but has the potential for another increase if it maintains support above $29,400. Traders should closely monitor the resistance levels at $29,680, $29,800, and $30,200 for potential bullish movements.
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