Bitcoin price started a fresh increase above the $29,000 resistance. BTC could rally if there is a clear move above the USD 30,000 resistance.
- Bitcoin is moving higher than the $28,800 and $29,000 resistance levels.
- The price is trading above $28,800 and the 100 Simple hourly moving average.
- A major contracting triangle is forming with support near USD 29,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue rising if it crosses the $29,800 and $30,000 resistance levels.
Bitcoin price extends its increase
Bitcoin price held strong above the $28,000 support zone. BTC bulls were active and able to pump the price above the $28,500 resistance zone.
There was a steady rise above the $28,800 and $29,000 resistance levels. The price was trading close to the $30,000 resistance zone. A high is formed near $29,882 and the price is now consolidating gains. Bitcoin is trading above USD 28,800 and the 100 simple hourly moving average.
A major contracting triangle is also forming with support near USD 29,250 on the hourly chart of the BTC/USD pair. The triangle support is close to the 23.6% Fib retracement level of the upward move from the $27,258 swing low to the $29,882 high.
Source: BTCUSD at TradingView.com
Immediate resistance is near the $29,800 level and the triangle trendline. The next major resistance is near the $30,000 zone. A close above the USD 30,000 resistance could send Bitcoin to USD 30,500. More gains could open the door for a key barrier test at $31,200.
New Decline in BTC?
If the price of Bitcoin fails to clear the $29,800 resistance, it could start another drop. Immediate downside support is near the $29,250 level and triangle region.
A downside break below the triangle could send the price to the 50% Fib retracement level of the upward move from the $27,258 swing low to the $29,882 high. The next major support is near the $28,250 zone or the 100 hourly simple moving average. More losses could push Bitcoin to $27,800 in the near term.
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 above the 50 level.
Major Support Levels – $29,250 followed by $28,550.
Major resistance levels – $29,800, $30,000 and $30,500.
