Bitcoin price is still consolidating above $29,500. BTC must settle above the $30,400 resistance zone to start a steady increase in the near term.
Bitcoin is struggling to clear the $30,000 resistance level.
The price is trading below $30,000 and the 100 hourly Simple moving average.
There was a break below a key bullish trend line with support near $29,950 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a decent increase if there is a close above the $30,400 resistance.
Bitcoin price stable; resistance at $30,400. Bitcoin Price Remains In A Range
Bitcoin's price attempted to increase above the $30,400 resistance zone but failed to settle above it and reacted by decreasing. The hourly chart of the BTC/USD pair shows that there was a break below a key bullish trend line with support near $29,950. The pair declined below the $29,850 level but the downsides were limited, and the price stayed above the $29,500 support. A low was formed near $29,591, and the price is now attempting a fresh increase. Bitcoin's price is currently trading below $30,000 and the 100 hourly Simple Moving Average. The immediate resistance is near the $30,000 level and the 100 hourly Simple Moving Average, which is close to the 50% Fib retracement level of the recent decline from the $30,405 swing high to the $29,591 low. The first major resistance is near the $30,100 level. Bitcoin price stable; resistance at $30,400.
The price is currently at the 61.8% Fibonacci retracement level, which is close to the $30,100 mark. If the price manages to break through the resistance level of $30,400, it might initiate a new increase, leading to a rise towards $30,800. Further gains could potentially result in the price moving towards the $31,200 resistance zone.
More Losses in BTC?
If Bitcoin fails to clear the $30,000 resistance, it could continue to move down. Immediate support on the downside is near the $29,600 level.
The next major support is near the $29,500 level, below which the price could accelerate lower. In the stated case, the price could drop toward the $29,200 support zone.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.
Major Support Levels – $29,600, followed by $29,500.
Major Resistance Levels – $30,000, $30,100, and $31,400.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Comments