HomeBitcoin NewsBitcoin Price Analysis: BTC Could Restart Rally Above This Resistance

Bitcoin Price Analysis: BTC Could Restart Rally Above This Resistance

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  • 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.

Bitcoin Price
Bitcoin Price

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.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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