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Bitcoin price is consolidating above $29,500. If BTC clears the $30,200 resistance area in the near term, it could start a nice upward move.
- Bitcoin is struggling to gain momentum from the $29,500 level.
- The price is trading below $30,100 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $30,020 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a sustained increase if there is a close above the $30,200 resistance.
bitcoin price found support
Bitcoin price remained well bid above the $29,500 level. BTC formed a support base and recently gained a few points from it. There was a slight increase above the $29,850 resistance area.
The price climbed above the 50% Fib retracement level of the key decline from the $30,447 high to $29,500 low. However, the bears remained active near the $30,050 level. There is also a major bearish trend line forming with resistance near $30,020 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading below $30,100 and the 100-hour simple moving average. Immediate resistance is near the trend line zone. The first major resistance is near the $30,085 level. It is close to the 61.8% Fib retracement level of the major decline from the $30,447 high to $29,500 low.
Source: BTCUSD on Tradingview.com
The next major resistance is near the $30,450 level. A close above the $30,450 level could start a fresh rise. In the mentioned case, the price could rise towards the $30,850 level. Any more gains could open the doors for a move towards the $31,200 resistance area.
More Losses in BTC?
If bitcoin fails to clear the $30,085 resistance, it could continue to decline. On the downside, an immediate support is near the $29,800 level.
The next major support is near the $29,500 level, below which the price could continue to decline. In the mentioned case, the price could decline towards the $29,200 support area. Any further losses could propel the price towards the $28,400 level in the near term.
Technical Indicators:
Hourly MACD – The MACD is now losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.
Key Support Levels – $29,650, followed by $29,500.
Key Resistance Levels — $30,085, $30,450, and $31,200.
