Bitcoin price remains range bound, why bulls need to take control

Bitcoin retested the key $28,500 support zone against the US Dollar. BTC is rising and the bulls could point to 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 pick up pace if there is a clear move above the key $30,600 resistance zone.

Bitcoin Price Remains Supported

Bitcoin price remained well above the $28,500 support zone. There was a fresh surge initiated from the $28,635 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 rallied above the $30,000 level, but there was no continuation to the upside. 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 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 could initiate a sharp rally. In the indicated case, the price perhaps clears the $31,200 resistance zone.

New drop in BTC?

If bitcoin fails to clear the $30,180 resistance zone, another drop could start. 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 low to $30,188 high. A break below the $29,250 support could send the price further lower. Major support is still near the $28,500 level.

Technical indicators:

Hourly MACD – The MACD is slowly picking up 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.