Bitcoin Price Attempts Upside Break
Bitcoin is currently showing positive signs above the $29,500 pivot level. The price is trading above $29,550 and the 100 hourly Simple Moving Average. There is a key bullish trend line forming with support near $29,800 on the hourly chart of the BTC/USD pair. The pair could potentially attempt another increase above the $30,000 resistance zone.
– Bitcoin price remains well-bid above the $28,800 support zone.
– BTC formed a support base and recently started a steady increase.
– The bulls pumped the price above the $30,000 resistance zone, but failed to keep it above.
– Bitcoin dipped below the 23.6% Fib retracement level but is now trading above $29,550 and the 100 hourly Simple Moving Average.
– Immediate resistance is near the $30,000 zone, followed by $30,200 and $30,400.
Are Dips Limited In BTC?
If Bitcoin fails to clear the $30,000 resistance, it could start a fresh decline. Immediate support is near the $29,800 level and the bullish trend line. The next major support is near $29,400 or the 50% Fib retracement level. Any more losses might call for a move toward the $29,000 level in the near term.
Technical indicators:
– Hourly MACD is gaining pace in the bullish zone.
– Hourly RSI for BTC/USD is above the 50 level.
Hot Take
Bitcoin is currently attempting an upside break above the $30,000 resistance zone. The price is showing positive signs and there is a key bullish trend line forming. However, if the resistance is not cleared, a fresh decline could occur. Immediate support is near the $29,800 level, and further support levels are at $29,400 and $29,200. The next major resistance levels to watch are $30,000, $30,200, and $30,500.
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