Bitcoin price is still consolidating above $29,500. BTC must settle above the USD 30,400 resistance zone to start a steady rise in the near term.
- Bitcoin is struggling to clear the $30,000 resistance level.
- The price is trading below $30,000 and the 100 simple hourly moving average.
- There was a break below a key bullish trendline with support near USD 29,950 on the BTC/USD pair hourly chart (Kraken data feed).
- The pair could start some significant gains if there is a close above the $30,400 resistance.
Bitcoin price remains within a range
Bitcoin price attempted another rise above the $30,400 resistance zone. However, BTC struggled to settle above USD 30,400 and reacted on the downside.
There was a break below a key bullish trendline with support near USD 29,950 on the hourly chart of the BTC/USD pair. The pair declined below the USD 29,850 level, but downsides were limited. The price remained above the $29,500 support.
A low is formed near $29,591 and the price is now trying to rise again. There was a move above the $29,650 level. Bitcoin price is now trading below $30,000 and the 100 simple hourly moving average.
Immediate resistance is near the $30,000 level and the 100 hourly simple moving average. It is close to the 50% Fib retracement level of the recent drop from the $30,405 swing high to the $29,591 low. The first major resistance is near the USD 30,100 level.
Source: BTCUSD at TradingView.com
The 61.8% Fib retracement level from the recent drop from the $30,405 swing high to the $29,591 low is also near the $30,100 level. The next major resistance is near $30,400. A close above the USD 30,400 level could trigger a fresh increase. In the said case, the price could rise towards the USD 30,800 level. More gains could open the door for a move into the $31,200 resistance zone.
Lose more in BTC?
If Bitcoin fails to clear the USD 30,000 resistance, it could fall further. Immediate support on the downside is near the $29,600 level.
The next major support is near the $29,500 level, below which the price could accelerate lower. In the said case, the price might decline towards the $29,200 support zone.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.
Major Support Levels – $29,600 followed by $29,500.
Major resistance levels – $30,000, $30,100 and $31,400.
