Bitcoin remained firm above the $28,500 support level against the US Dollar. BTC is rising, but it needs to pay $28,500 to move into positive territory.
- Bitcoin started a fresh rise after testing the $28,500 support area.
- The price is now trading above the $29,500 level and the 100 hourly simple moving average.
- There was a major bearish trend line forming with resistance near $29,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to continue higher towards the key $30,600 resistance area.
bitcoin price form triple bottom
Bitcoin price declined below the $29,500 support area. However, the bulls were active near the key $28,500 support area.
A new base was formed near $28,600 and a fresh increase in the price started. There was a clear move above the $29,200 and $29,500 resistance levels. The price declined from the 50% Fib retracement level of the $30,630 high to $28,635 low.
Besides, there was a major bearish trend line forming with resistance near $29,800 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above the $29,500 level and the 100 hourly simple moving average.
Source: BTCUSD on TradingView.com
An immediate upside resistance is near the $30,160 level. It is near the 76.4% Fib retracement level of the downside trade from the $30,630 high to $28,635 low. The next major resistance is near the $30,600 level. A clear move above the $30,600 resistance could start a steady rise. In this case, the price might clear the $31,200 resistance area.
Recent fall in BTC?
If bitcoin fails to clear the $30,600 resistance area, it could start another decline. On the downside, immediate support is near the $29,600 level.
The first major support is near the $29,500 level and the 100 hourly simple moving average. A break below the $29,500 support could push the price further lower. The main support is still near the $28,500 level, where the bulls are likely to take a firm stand.
Technical Indicators:
Hourly MACD – The MACD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.
Key Support Level – $29,500, followed by $28,500.
Major resistance levels – $30,150, $30,500 and $30,600.