Bitcoin looks stable above the $29,600 support. According to technical analysis by NewsBTC’s Aayush Jindal, BTC must surpass the $31,350 resistance to start a decent uptrend.
Bitcoin Consolidates
Bitcoin found support near the $29,000 region and started a fresh increase. The price climbed above the $30,000 resistance zone. There was a move above the 50% Fib retracement level of the recent major decline from the $31,390 high to $29,060 high. However, the bulls struggled to stay in action above the $30,500 zone. However, it faced resistance near the $30,600 level.
Bitcoin is currently trading near the $30,000 level and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $29,650 on the hourly chart of the BTC/USD pair. An immediate resistance is near the $30,600 level.
The next major resistance is near the $31,350 level. A clear move above the $31,300 and $31,350 resistance levels could start a fresh increase in the near term. The next key resistance could be near the $32,000 level. Above this, the price could rally to $33,200.
Will Bitcoin Drop?
Jindal says that if Bitcoin fails to gain momentum above the $30,600 resistance zone, it could start a fresh decline. An immediate support is near the $29,650 level. The next major support is near the $29,150 level. A downside break and close below the $29,150 support could put pressure on the bulls. In the stated case, the price could drop to the $28,000 level.
What Do Technical Indicators Say?
- Hourly MACD – The MACD is now slowly gaining momentum in the bearish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.
- Major Support Levels – 29,650 followed by $29,150
- Major Resistance Levels – 30600, 31.350 and $32,000
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