Bitcoin holds a key support of $ 29,500 against the US Dollar. BTC needs to clear the $ 31,500 resistance zone to start a big rise in the near term.
- Bitcoin is showing some positive signs above the $ 29,500 support zone.
- The price is currently trading below the $ 30,500 level and is a simple 100 hour moving average.
- There is a major contract triangle formed with resistance near $ 31,250 on the hourly chart of the BTC / USD pair (data feed from Kraken).
- The pair could start a strong rise if there is a clear movement above the $ 31,500 resistance.
Bitcoin Price Remains In Range
The price of Bitcoin is trying to add fresh on top The resistance levels are $ 31,200 and $ 31,500. However, the bears are active near the $ 31,500 zone. A high was formed near $ 31,550 and the price corrected the deal.
There is a move below the $ 31,000 and $ 30,500 support levels. A low formed near $ 29,848 and the price is now joining the range. There is a recovery above the $ 30,000 resistance zone. The price spiked above the 23.6% Fib retracement level from a recent decline from $ 31,550 high to $ 29,848 low.
However, the price struggled towards the $ 30,700 level. Bitcoin is currently trading below the $ 30,500 level and 100 moving average per hour.
Direct resistance is on the rise near the $ 30,400 level and the simple 100 hour moving average. The first major resistance is near the $ 30,850 level. The main resistance is near the $ 31,250 level. There is also a major contract triangle formed with resistance near $ 31,250 on the hourly chart of the BTC / USD pair.
Source: BTCUSD on TradingView.com
A clear move above the $ 31,250 resistance level could send the price higher. The next major resistance could be $ 32,000. Other gains may require a trend change and a move to the $ 33,200 level.
Downside Break in BTC?
If bitcoin fails to clear the $ 31,250 resistance zone, it could start another decline. Direct support at the bottom is near the $ 30,000 level.
The next major support is near the $ 29,850 level. Major support is still close to the $ 29,500 zone. A downside break below the $ 29,500 support could cause another decline. In that case, the price could dive into the $ 28,500 support zone in the near future.
Hourly MACD – MACD is currently losing in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently below the 50 level.
Key Support Level – $ 30,000, followed by $ 29,500.
Main Resistance Levels – $ 30,400, $ 30,850 and $ 31,250.