Bitcoin's Recovery Possible, But Bears Could Benefit from Upsides.
Bitcoin price is attempting a recovery wave above the $29,200 level. BTC must clear the $29,600 resistance to start a decent recovery wave.
Bitcoin is consolidating above the $29,000 support zone.
The price is trading below $29,600 and the 100 hourly Simple moving average.
There is a short-term rising channel forming with support near $29,120 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could recover but upsides might be limited above the $29,600 resistance.
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Bitcoin's Recovery Possible, But Bears Could Benefit from Upsides. Bitcoin Price Faces Resistance
The price of Bitcoin has fallen below the support zone of $29,200 and even dropped below the $29,000 level. However, it is currently attempting to recover and has formed a low near $28,880. There has been a minor increase above the resistance level of $29,000, but the bears are still active near the $29,350 level. The current trading price of Bitcoin is below $29,600 and the 100 hourly Simple moving average, with a short-term rising channel forming with support near $29,120 on the hourly chart of the BTC/USD pair. The immediate resistance level is near $29,350, while the first major resistance level is near the $29,600 level and the 100 hourly Simple moving average. It is also near the 50% Fib retracement level of the downward move from the $30,334 swing high to the $28,880 low. Bitcoin's Recovery Possible, But Bears Could Benefit from Upsides.
The next major resistance is near the $29,750 level, above which the price might rise toward the $30,000 resistance zone. A close above the $30,000 level might start a fresh increase. In the stated case, the price could rise toward the $30,400 resistance.
More Losses in BTC?
Bitcoin may face further downside movement if it fails to clear the resistance at $29,350. The immediate support is expected near the $29,100 level and the channel trend line. In case of a further decline, the next major support levels are near $28,880, $28,500, and $28,200. A continued downward trend might lead to a move towards the $27,500 level in the near term.
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $29,100, followed by $28,880.
Major Resistance Levels – $29,350, $29,600, and $30,000.
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.