Bitcoin remains strong above the $ 28,500 support against the US Dollar. BTC rises, but has to clear $ 28,500 to move into the positive zone.
- Bitcoin started a new rise after testing the $ 28,500 support zone.
- The price is currently trading above the $ 29,500 level and is a 100-hour moving average.
- There is a break above the main bearish trend line with resistance near $ 29,800 on the hourly chart of the BTC / USD pair (data feed from Kraken).
- The pair may continue to advance into the key $ 30,600 resistance zone.
Bitcoin Price Forms Triple Bottom
The price of Bitcoin increased below the $ 29,500 support zone. However, the bulls are active near the main $ 28,500 support zone.
A fresh base was formed near $ 28,600 and the price started to increase fresh. There is a clear move above the $ 29,200 and $ 29,500 resistance levels. The price exceeded the 50% Fib retracement level of the downward move from the $ 30,630 swing high to the $ 28,635 low.
In addition, there was a break above the main bearish trend line with resistance near $ 29,800 on the hourly chart of the BTC / USD pair. The Bitcoin price is currently trading above the $ 29,500 level and 100 moving average per hour.
Source: BTCUSD on TradingView.com
Direct resistance is on the rise near the $ 30,160 level. It is close to the 76.4% Fib retracement level of the downward move from the $ 30,630 swing high to the $ 28,635 low. The next major resistance is near the $ 30,600 level. A clear move above the $ 30,600 resistance level may start a steady rise. In that case, the price may clear the $ 31,200 resistance zone.
A recent decline in BTC?
If bitcoin fails to clear the $ 30,600 resistance zone, it may start another decline. Direct support at the bottom is near the $ 29,600 level.
The first major support is near the $ 29,500 level and a simple 100 hour moving average. A downside break below the $ 29,500 support could send the price lower. The main support is still close to the $ 28,500 level, where the bulls may be standing strong.
Technical indicators:
Hourly MACD – MACD is currently gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently higher than the 50 level.
Key Support Level – $ 29,500, followed by $ 28,500.
Main Resistance Levels – $ 30,150, $ 30,500 and $ 30,600.
