Bitcoin Price Analysis: BTC Faces Uphill Task Near $29,250

Posted on

Bitcoin price is rising from $27,000 against the US Dollar. BTC might eye another increase if the bulls remain active above the $27,000 zone.

Bitcoin Price Analysis

Bitcoin price started a fresh decline below the $30,000 support zone. There was a clear move below the $29,500 and $29,200 support levels. The pair even tested the $27,000 support zone.

It traded as low as $26,965 and recently started a fresh increase. There was a break above the $27,250 resistance zone. The price gained pace once it broke the $28,000 resistance zone and the 23.6% Fib retracement level of the downward move from the $31,050 swing high to the $26,695 low.

Bitcoin price is now trading near $28,500 and the 55 simple moving average (4 hours). Immediate resistance on the upside is near the $29,000 level and the 50% Fib retracement level of the downward move from the $31,050 swing high to the $26,695 low.

There is also a major bearish trend line forming with resistance near $29,250 on the 4-hour chart of the BTC/USD pair. The next major resistance might be near the $29,450 zone.

A clear move above the trend line and $29,450 might send the price toward $30,000, above which the price might rise toward the $31,200 level. Any more gains might push the price toward the $32,500 zone. If there is no upside break, the price might start a fresh decline below the $28,000 level.

The first major support is near $27,200. The next key support is near the $27,000 level, below which the price might accelerate lower. In the stated case, the price could decline toward the $26,500 level.

Bitcoin Price

Looking at the chart, Bitcoin’s price is trading near $28,500 and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase if it clears the $29,250 resistance zone.

Technical Indicators

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 – $27,200 and $27,000.

Key Resistance Levels – $29,000, $29,250, and $29,450.

Source: Read Full Article