Bitcoin price is attempting a further rise to $29,500. BTC could gain bullish momentum if it breaches the $30,200 resistance zone any time soon.
Bitcoin is slowly moving higher from the $29,500 level. The price is trading below $30,200 and the 100 hourly simple moving average. A major downtrend line is forming with resistance near $30,100 on the hourly chart of the BTC/USD pair (Kraken data feed). The pair could start a decent rally if there is a close above the $30,200 resistance.
Bitcoin price points higher
Bitcoin price followed a bearish path below the $30,200 pivot level. BTC even broke through the $29,850 level and tested the $29,500 level. A low is formed near $29,500 and the price is now attempting a further rise.
The price broke above the $29,850 and $30,000 resistance levels. There was a move above the 50% Fibonacci retracement level of the down move from the $30,448 high to $29,500 low. The price is now consolidating near $30,000.
Bitcoin price is still trading below $30,200 and the 100 hourly simple moving average. Immediate resistance is near the $30,080 level. There is also a major downtrend line forming with resistance near $30,100 on the hourly chart of the BTC/USD pair.
The trend line is near the 61.8% Fibonacci retracement level of the move down from the $30,448 high to $29,500 low. The first major resistance is near $30,200. A close above the $30,200 level could start a new rally.
Source: BTCUSD on TradingView.com
The next major resistance is near the $30,500 level. More gains could open the doors for a move towards the $31,000 resistance zone.
More losses in BTC?
If Bitcoin fails to clear the $30,200 resistance, it could continue moving lower. Immediate support on the downside is near the $29,650 level.
The next major support is near the $29,500 level, below which the price could gain bearish momentum. In the indicated case, the price could fall towards the support zone of $29,200. More losses could send the price looking towards the $28,750 level in the short term.
Technical indicators:
Hourly MACD – The MACD is now picking up pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Main support levels: $29,650, followed by $29,200.
Main resistance levels: $30,100, $30,200 and $30,500.
This post Bitcoin Bulls Keep Pushing Why A New Rise To $31K Looks Likely
was published first on https://www.newsbtc.com/analysis/btc/bitcoin-bulls-pushing-31k/
