- Bitcoin price is trading in a positive zone from the $29,250 support against the US Dollar.
- The price is now trading above $29,500 and the 55 simple moving average (4 hours).
- There is a key contracting triangle forming with resistance near $30,400 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 $30,400 resistance zone.
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.
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 – $29,200 and $28,850.
Key Resistance Levels – $30,400, $31,000, and $32,000.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
- Minting the Future w Adryenn Ashley. Access Here.
- Source: https://www.livebitcoinnews.com/bitcoin-price-analysis-btc-eyes-more-gains-above-31k/
- :is
- 000
- a
- above
- accelerate
- active
- against
- analysis
- and
- Another
- any
- AS
- At
- average
- BE
- below
- Bitcoin
- Bitcoin Price
- Bitcoin Price Analysis
- Break
- Broke
- BTC
- BTC/USD
- Bullish
- Bulls
- case
- Chart
- clear
- coinbase
- comments
- consolidating
- contracting
- could
- data
- Decline
- Dollar
- downward
- eye
- Eyes
- First
- follow
- fresh
- fresh increase
- from
- gaining
- Gains
- High
- HOURS
- HTTPS
- in
- Increase
- index
- internal
- IT
- Key
- Level
- levels
- Low
- MACD
- Main
- major
- might
- Momentum
- more
- move
- moving
- moving average
- Near
- next
- of
- on
- overall
- Pace
- plato
- Plato Data Intelligence
- PlatoData
- positive
- Post
- price
- Price Analysis
- Push
- recently
- relative strength index
- remain
- Resistance
- retracement
- Rise
- rising
- rsi
- Simple
- start
- started
- stated
- strength
- support
- support levels
- Swing
- TAG
- The
- to
- toward
- traded
- Trading
- TradingView
- Upside
- us
- US Dollar
- which
- with
- zephyrnet