TA: Bitcoin Reclaims $30K, Why Bulls Face Uphill Task
Bitcoin started a fresh increase from the $28,500 support zone
against the US Dollar. BTC must clear $30,600 to move further into
a positive zone. Bitcoin formed a base above $28,500 and started a
fresh increase. The price is now trading above the $30,000 level
and the 100 hourly simple moving average. There is a major bearish
trend line forming with resistance near $30,400 on the hourly chart
of the BTC/USD pair (data feed from Kraken). The pair could gain
bullish momentum if there is a clear move above $30,600. Bitcoin
Price Is Facing Resistance Bitcoin price found support near the
$28,500 zone after a steady decline. A base was formed near $28,600
and started a fresh increase. There was a clear move above the
$29,500 resistance zone and the 100 hourly simple moving average.
The bulls even pushed the price above the $30,000 resistance zone.
However, they are now facing an uphill task near the $30,600 zone.
There is also a major bearish trend line forming with resistance
near $30,400 on the hourly chart of the BTC/USD pair. A high is
formed near $30,721 and the price is now consolidating gains. The
price is trading above the 23.6% Fib retracement level of the
upward move from the $28,590 swing low to $30,721 high. An
immediate resistance is near the $30,400 level. The next major
resistance is near the $30,600 level. Source: BTCUSD on
TradingView.com A clear move above the $30,400 and $30,600
resistance levels might start a fresh increase in the near term.
The next key resistance could be near the $31,500 level, above
which the price might gain bullish momentum. Fresh Decline in BTC?
If bitcoin fails to gain pace above the $30,600 resistance zone, it
could start a fresh decline. An immediate support on the downside
is near the $30,000 level. The first major support is near the
$29,800 level and the 100 hourly SMA. The next major support sits
near the $29,655 level. It is near the 50% Fib retracement level of
the upward move from the $28,590 swing low to $30,721 high. A
downside break and close below the $29,650 support might start
another decline. In the stated case, the price could drop towards
the $28,500 level. Technical indicators: Hourly MACD – The MACD is
now slowly losing pace in the bullish zone. Hourly RSI (Relative
Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $29,800, followed by $29,650. Major
Resistance Levels – $30,600, $31,200 and $31,500.
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