- Bitcoin price is attempting a fresh increase from the $29,525 zone against the US Dollar.
- The price is now trading below $30,400 and the 55 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near $30,180 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 $30,400 resistance zone.
Bitcoin price is rising from $29,525 against the US Dollar. BTC might eye another increase if the bulls remain active above the $29,500 zone.
Bitcoin Price Analysis
Bitcoin price started a fresh decline it failed to clear the $31,800 resistance. BTC declined below the $30,500 and $30,000 support levels to enter a short-term bearish zone.
The recent swing low was formed near $29,525 before the price moved higher. The bulls were able to push the price above the $29,650 and $29,850 levels. The price is now approaching the 23.6% Fib retracement level of the downward wave from the $31,862 swing high to the $29,525 low.
Bitcoin price is now trading below $30,400 and the 55 simple moving average (4 hours). Immediate resistance on the upside is near the $30,150 level. There is also a key bearish trend line forming with resistance near $30,180 on the 4-hour chart of the BTC/USD pair.
The next major resistance might be near the $30,400 zone or the 50% Fib retracement level of the downward wave from the $31,862 swing high to the $29,525 low.
A clear move above the $30,400 and $30,600 resistance levels might send the price toward $31,200. Any more gains might push the price toward the $32,000 zone. If there is no upside break, the price might start a fresh decline below the $30,000 level.
The first major support is near $29,525. The next key support is near the $29,250 level, below which the price might accelerate lower. In the stated case, the price could decline toward the $28,400 level.
Looking at the chart, Bitcoin’s price is trading below $30,400 and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase if it clears the $30,400 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 below the 50 level.
Key Support Levels – $29,850 and $29,525.
Key Resistance Levels – $30,180, $30,400, and $30,600.
