Bitcoin Price Analysis: BTC Eyes More Gains Above $31K
Bitcoin price is rising from $29,250 against the US Dollar. BTC might eye another increase if the bulls remain active above the $29,200 zone.
Bitcoin Price Analysis
Bitcoin price started a fresh decline below the $30,000 support zone. There was a clear move below the $29,800 and $29,500 support levels. The pair traded as low as $29,103 and recently started a fresh increase.
There was a break above the $29,500 resistance zone. The price gained pace once it broke the $30,000 resistance zone and the 50% Fib retracement level of the downward move from the $31,050 swing high to the $29,103 low.
Bitcoin price is now trading above $29,500 and the 55 simple moving average (4 hours). It is also consolidating gains near the 61.8% Fib retracement level of the downward move from the $31,050 swing high to the $29,103 low.
Immediate resistance on the upside is near the $30,400 level. There is also a key contracting triangle forming with resistance near $30,400 on the 4-hour chart of the BTC/USD pair.
The next major resistance might be near the $30,550 zone. The main resistance sits at $31,000. A clear move above the $31,000 level might send the price toward $32,000, above which the price might rise toward the $33,200 level. Any more gains might push the price toward the $34,500 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 $29,200. The next key support is near the $28,850 level, below which the price might accelerate lower. In the stated case, the price could decline toward the $27,500 level.
Looking at the chart, Bitcoin’s price is trading above $30,000 and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase if it clears the $30,400 resistance zone.
4 hours MACD – The MACD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Key Support Levels – $29,200 and $28,850.
Key Resistance Levels – $30,400, $31,000, and $32,000.
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