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- 🚀 ETH jumped to $4,600 this morning, up 8.69% in 24h!
Just shy of the $4,891 ATH—think it breaks through?
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If this hurdle is cleared, BTC price could rise steadily
*Bitcoin price still faces strong resistance around $29,500. BTC is slowly moving higher and it could start a steady rise above $29,500. *
Bitcoin price ushered in a new round of rise
Bitcoin price extended its decline below the $28,800 support area. However, downsides below the $28,600 level are limited. A low was formed near $28,628 and the price is currently attempting a fresh increase.
The price broke the $28,900 and $29,000 levels. Moreover, there was a break above a key bearish trend line with resistance near $29,080 on the hourly chart of the BTC/USD pair. The pair is currently trading above $29,000 and the 100 hourly simple moving average.
A high was formed near $29,280 and the price is currently consolidating gains. Bitcoin is trading above the 23.6% Fib retracement level of the upside move from the $28,628 swing low to $29,280 high.
An immediate resistance is near the $29,300 area. The first major resistance is near $29,400. The next major resistance is near $29,500. A close above the $29,500 resistance is likely to start a steady increase. In the mentioned case, the price may test $30,000. Any more gains could open the door towards $31,200.
Bitcoin down again?
If bitcoin fails to break the $29,400 resistance, it could start a fresh decline. An immediate support on the downside is near the $29,100 level, or the 100 hourly simple moving average.
The next major support is near $28,800, below which the price could accelerate lower. The next support is near $28,400. Any more losses may require a move towards the $28,000 level in the short term.
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Hourly MACD – The MACD is currently accelerating in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.
Major support levels – $29,100, followed by $28,800.
Major resistance levels – $29,300, $29,400 and $29,500.