TA: Bitcoin Price Remains In Range, Why The Bulls Need To Take Control
Bitcoin retested the key $28,500 support zone against the US Dollar. BTC is rising and the bulls might aim a clear move above the $30,600 resistance.
- Bitcoin is trading in a major range below the $30,600 resistance zone.
- The price is now trading near the $29,800 level and the 100 hourly simple moving average.
- There is a crucial bearish trend line forming with resistance near $29,950 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain pace if there is a clear move above the key $30,600 resistance zone.
Bitcoin Price Remains Supported
Bitcoin price remained well bid above the $28,500 support zone. There was a fresh increase initiated from the $28,635 swing low and the price climbed above $29,000.
There was a break above the $29,500 resistance zone and the 100 hourly simple moving average. The price even climbed above the $30,000 level, but there was no upside continuation. A high was formed near $30,188 and the price is now consolidating gains.
Bitcoin is trading near the $29,800 level and the 100 hourly simple moving average. There was already a test of the 50% Fib retracement level of the upward move from the $28,635 swing low to $30,188 high.
An immediate resistance on the upside is near the $29,950 level. There is also a crucial bearish trend line forming with resistance near $29,950 on the hourly chart of the BTC/USD pair. The next major resistance is near the $30,180 level.
Source: BTCUSD on TradingView.com
The main resistance is still near the $30,600 zone. A clear move above the $30,600 resistance level might start a strong increase. In the stated case, the price may perhaps clear the $31,200 resistance zone.
Fresh Decline in BTC?
If bitcoin fails to clear the $30,180 resistance zone, it could start another decline. An immediate support on the downside is near the $29,400 level.
The first major support is near the $29,250 level. It is near the 61.8% Fib retracement level of the upward move from the $28,635 swing low to $30,188 high. A downside break below the $29,250 support might send the price further lower. The main support is still near the $28,500 level.
Hourly MACD – The MACD is slowly 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 – $29,400, followed by $29,250.
Major Resistance Levels – $29,950, $30,180 and $30,600.