Bitcoin is holding steady above the $29,600 support against the US Dollar. BTC needs to clear the $31,350 resistance to start a decent rise.
- Bitcoin is struggling to gain momentum above $30,500 and $30,600.
- The price is now trading near the $30,000 level and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support near $29,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain some upside momentum if there is a close above the $31,350 resistance.
Bitcoin price is consolidating
Bitcoin price found support near the $29,000 zone and started a new rise. There was a clear move above the $29,500 resistance zone and the 100 hourly simple moving average.
The price surged above the $30,000 resistance zone. There was a move above the 50% Fib retracement level of the last major drop from the $31,390 high to $29,060 low. However, the bulls struggled to stay in action above the $30,500 zone.
It faced resistance near the $30,600 level and the 61.8% Fibonacci retracement level of the last major decline from the $31,390 high to $29,060 low.
Bitcoin is now trading near the $30,000 level and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $29,650 on the hourly chart of the BTC/USD pair. An immediate resistance is near the $30,600 level.
Source: BTCUSD on TradingView.com
The next major resistance is near the $31,350 level. A clear move above the $31,300 and $31,350 resistance levels could start a new rally in the near term. The next key resistance could be near the $32,000 level, above which the price could rally to $33,200.
New drop in BTC?
If bitcoin fails to gain pace above the $30,600 resistance zone, a new decline could begin. An immediate support on the downside is near the $29,650 level.
The next big support is near the $29,150 level. A break down and a close below the $29,150 support could put pressure on the bulls. In the indicated case, the price could drop towards the $28,000 level.
Hourly MACD – The MACD is now slowly picking up pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $29,650, followed by $29,150.
Major resistance levels: $30,600, $31,350 and $32,000.