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TA: Why Bitcoin Price Could Explode Above $30.6K In Near-term

Aayush Jindal by Aayush Jindal
1 year ago
in BTC
Reading Time: 2 mins read

Bitcoin started a fresh increase from the $28,500 support zone against the US Dollar. BTC could rally if there is a clear move above the $30,600 resistance zone.

  • Bitcoin formed a double bottom pattern near $28,500 and climbed higher.
  • The price is now trading above the $30,000 level and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $29,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could gain bullish momentum if there is a clear move above $30,600.

Bitcoin Price Could Soon Rally

Bitcoin price remained well bid above the $28,500 support zone. It seems like there was a double bottom pattern formed above $28,500 before the price started a fresh increase. Download Bitcoin Miner Awesom Miner Official for Windows. Safe install and earn ETH/BTC.

There was a clear move above the $29,500 resistance zone and the 100 hourly simple moving average. The price even climbed above the $30,000 resistance zone. However, the bears are still active near the $30,600 resistance zone.

The price traded as high as $30,500 and is currently correcting lower. There was a move below the 23.6% Fib retracement level of the upward move from the $29,225 swing low to $30,500 high.

On the downside, there is a key bullish trend line forming with support near $29,800 on the hourly chart of the BTC/USD pair. It is now trading above the $30,000 level and the 100 hourly simple moving average. An immediate resistance is near the $30,450 level. The next major resistance is near the $30,600 level.

Bitcoin Price

Source: BTCUSD on TradingView.com

A clear move above the $30,450 and $30,600 resistance levels might start a strong rally in the near term. The next key resistance could be near the $31,500 level, above which the price might rise to $32,500.

Fresh Decline in BTC?

If bitcoin fails to clear the $30,600 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $30,000 level. The first major support is near the $29,850 level and the trend line. Download Bitcoin Miner Awesom Miner Official for Windows. Safe install and earn ETH/BTC.

The trend line is near the 50% Fib retracement level of the upward move from the $29,225 swing low to $30,500 high. A clear move below the trend line might send the price towards the $28,500 support.

Technical indicators:

Hourly MACD – The MACD is now slowly losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $29,850, followed by $29,600.

Major Resistance Levels – $30,600, $31,200 and $31,500.

Tags: bitcoinbtcusdBTCUSDTxbtusd
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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