- Bitcoin price is attempting a fresh increase from the $29,800 zone against the US Dollar.
- The price is now trading above $30,500 and the 55 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near $30,800 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
- The pair could start a fresh increase if it clears the $31,500 resistance zone.
Bitcoin price is rising from $29,800 against the US Dollar. BTC might eye another increase if the bulls remain active above the $30,000 zone.
Bitcoin Price Analysis
Bitcoin price remained in a range after it failed to clear the $31,500 resistance. BTC was rejected a couple of times but the bulls were active above near the $30,000 zone.
The recent swing low was formed near $29,715 before the price moved higher. The bulls were able to push the price above the $30,200 and $30,250 levels. There was a move above the 50% Fib retracement level of the downward move from the $31,525 swing high to the $29,715 low.
Bitcoin price is now trading above $30,500 and the 55 simple moving average (4 hours). Immediate resistance on the upside is near the $30,750 level. There is also a key bearish trend line forming with resistance near $30,800 on the 4-hour chart of the BTC/USD pair.
The trend line is just below the 61.8% Fib retracement level of the downward move from the $31,525 swing high to the $29,715 low. The next major resistance might be near the $31,500 zone.
A clear move above the $31,450 and $31,500 resistance levels might send the price toward $32,500. Any more gains might push the price toward the $34,000 zone. If there is no upside break, the price might start a fresh decline below the $30,450 level.
The first major support is near $30,000. The next key support is near the $29,750 level, below which the price might accelerate lower. In the stated case, the price could decline toward the $28,200 level.
Looking at the chart, Bitcoin’s price is trading above $30,500 and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase if it clears the $31,500 resistance zone.
Technical Indicators
4 hours MACD – The MACD is now losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Key Support Levels – $30,000 and $29,750.
Key Resistance Levels – $30,800, $31,500, and $32,500.
