Bitcoin price found support near $29,200 and recovered losses. BTC must clear the $30,500 resistance to continue higher in the near term.
- Bitcoin started a fresh increase from the $29,200 support zone.
- The price is trading above $30,000 and the 100 hourly Simple moving average.
- There was a break above a major bearish trend line with resistance near $30,080 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise further if it manages to clear the $30,500 resistance zone.
Bitcoin Price Faces Hurdle
Bitcoin price started a downside correction below the $30,000 level. However, BTC bulls were active near the $29,200 zone. A low was formed near $29,123 and the price started a fresh increase.
There was a break above the $29,800 and $30,000 resistance levels. Besides, there was a break above a major bearish trend line with resistance near $30,080 on the hourly chart of the BTC/USD pair. The price is now facing resistance near the $30,500 zone.
A high is formed near $30,480 and the price is consolidating gains. Bitcoin is trading above $30,000 and the 100 hourly Simple moving average. It is also near the 23.6% Fib retracement level of the recent increase from the $29,123 swing low to the $30,480 high.
Immediate resistance is near the $30,400 level. The first major resistance is forming near the $30,500 level. A move above the $30,500 resistance might call for a decent increase.
Source: BTCUSD on TradingView.com
The next major resistance is near the $31,200 zone. A close above the $31,200 resistance might send the price toward the $32,000 resistance. Any more gains could open the doors for a test of $33,500.
Fresh Decline in BTC?
If Bitcoin’s price fails to clear the $30,500 resistance, it could start another decline. Immediate support on the downside is near the $30,050 level and the 100 hourly Simple moving average.
The next major support is near the $29,800 zone or the 50% Fib retracement level of the recent increase from the $29,123 swing low to the $30,480 high. A downside break and close below the $29,800 support might push the price toward the $29,200 support.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $29,800, followed by $29,200.
Major Resistance Levels – $30,400, $30,500, and $31,200.