Bitcoin started a recent rise from the $ 28,500 support zone against the US Dollar. BTC can rally if there is a clear movement above the $ 30,600 resistance zone.
- Bitcoin formed a double pattern below near $ 28,500 and up higher.
- The price is currently trading above the $ 30,000 level and is a simple 100 hour moving average.
- There is a key bullish trend line formed with support near $ 29,800 on the hourly chart of the BTC / USD pair (data feed from Kraken).
- The pair could gain bullish momentum if there is a clear movement above $ 30,600.
Bitcoin Price Can Rally
The Bitcoin price remains well above bid $ 28,500 support zone. It looks like a double bottom pattern formed above $ 28,500 before the price started to rise recently.
There is a clear movement above the $ 29,500 resistance zone and 100 moving average per hour. The price is even up above the $ 30,000 resistance zone. However, the bear is still active near the $ 30,600 resistance zone.
The price traded up to $ 30,500 and is now a lower correction. There was a move below the 23.6% Fib retracement level of the upward move from the $ 29,225 swing to the $ 30,500 high.
At the bottom, there is a key bullish trend line formed with support near $ 29,800 on the hourly chart of the BTC / USD pair. It is currently trading above the $ 30,000 level and a simple 100 hour moving average. Resistance is immediately near the $ 30,450 level. The next major resistance is near the $ 30,600 level.
Source: BTCUSD on TradingView.com
A clear move above the $ 30,450 and $ 30,600 resistance levels could start a strong rally in the near future. The next key resistance could be close to the $ 31,500 level, above which the price could go up to $ 32,500.
A recent decline in BTC?
If bitcoin fails to clear the $ 30,600 resistance zone, it could start a new decline. Direct support at the bottom is near the $ 30,000 level. The first major support is near the $ 29,850 level and the trend line.
The trend line is close to the 50% Fib retracement level of the upward move from the $ 29,225 swing to the $ 30,500 high. A clear move below the trend line could send the price to $ 28,500 support.
Technical indicators:
Hourly MACD – MACD is now slowly losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently above the 50 level.
Key Support Level – $ 29,850, followed by $ 29,600.
Main Resistance Levels – $ 30,600, $ 31,200 and $ 31,500.
