- Bitcoin price started a fresh increase above the $28,500 zone against the US Dollar.
- The price is now trading above $28,500 and the 55 simple moving average (4 hours).
- There is a major bullish trend line forming with support near $29,800 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
- The pair could continue to rise if it stays above the $29,500 support zone.
Bitcoin price is showing positive signs above $29,000 against the US Dollar. BTC might correct lower but dips could be limited below the $29,500 zone.
Bitcoin Price Analysis
Bitcoin price started a decent increase above the $27,000 resistance zone. The price gained and cleared many hurdles near the $27,500 and $28,000 levels.
There was a clear move above the $28,500 level and the 55 simple moving average (4 hours). The price even rallied above the $30,000 resistance zone. However, the bears were active near the $31,450 zone. A high was formed near $31,443 and the price is now consolidating gains.
The price traded below $30,500 but is still above the 23.6% Fib retracement level of the upward move from the $24,751 swing low to the $31,443 high. The price is now trading well above $28,500 and the 55 simple moving average (4 hours).
Immediate resistance on the upside is near the $31,000 level. The first major resistance is near the $31,450 level, above which the price could rise toward the $32,200 zone.
Any more gains might send the price toward the $33,200 zone. If there is no upside break, the price might start a downside correction below $30,000.
The next key support is near the $29,850 level. There is also a major bullish trend line forming with support near $29,800 on the 4-hour chart of the BTC/USD pair. Any more losses might call for a move toward the $29,500 support zone or the 55 simple moving average (4 hours).
The next major support is seen near the 50% Fib retracement level of the upward move from the $24,751 swing low to the $31,443 high.
Looking at the chart, Bitcoin price is trading above $28,500 and the 55 simple moving average (4 hours). Overall, the price could continue to rise if it stays above the $29,500 support zone.
Technical Indicators
4 hours MACD – The MACD is now losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Key Support Levels – $29,850 and $29,500.
Key Resistance Levels – $31,000, $31,450, and $32,200.
