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Bitcoin

Bitcoin Price Rallies Past 30K, A Strengthening Case for Upside

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

Bitcoin price rallied above the $28,800 resistance. BTC is up over 6% and it could rise further above the $30,500 resistance zone.

  • Bitcoin climbed higher and was able to clear the $30,000 resistance zone.
  • The price is trading above $30,000 and the 100 hourly Simple moving average.
  • There was a break above a bullish continuation pattern with resistance near $28,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could extend its increase if it clears the $30,500 resistance level.

Bitcoin Price Gains Bullish Momentum

Bitcoin price formed a fresh support base above the $28,000 level. BTC started a strong increase and was able to clear the main $28,800 resistance zone.

Besides, there was a break above a bullish continuation pattern with resistance near $28,300 on the hourly chart of the BTC/USD pair. It opened the doors for a sustained upward move above the $29,200 resistance zone. The price rallied over 6% and was able to surpass the $30,000 level.

A new monthly high is formed near $30,431 and the price is now consolidating gains. Bitcoin price is trading above $30,000 and the 100 hourly Simple moving average.

The price is also positioned nicely above the 23.6% Fib retracement level of the recent surge from the $28,200 swing low to the $30,431 high. Immediate resistance is near the $30,450 level. The next major resistance is near the $30,500 zone.

Bitcoin Price Rallies 6%

Source: BTCUSD on TradingView.com

A convincing move above the $30,500 resistance might push the price further higher. In the stated case, the price may perhaps rise toward the $31,200 level. The next key resistance is near the $32,000 level.

Dips Attractive in BTC?

If Bitcoin’s price fails to clear the $30,500 resistance, it could start a downside correction. Immediate support on the downside is near the $30,000 level.

The next major support is near the $29,200 zone and the 50% Fib retracement level of the recent surge from the $28,200 swing low to the $30,431 high. A downside break and close below the $29,200 support might push the price back toward $28,800. Any more losses might call for a drop toward the $28,000 support zone.

Technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now in the overbought zone.

Major Support Levels – $30,000, followed by $29,200.

Major Resistance Levels – $30,450, $30,500, and $31,200.

Tags: bitcoinbitcoin pricebtcusdBTCUSDTxbtusd
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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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