Bitcoin price set on a new rally starting from $28,500. In case BTC manages to surpass $30,600, we could see a new bull run. Here is a summary of Bitcoin price in the past 24 hours:
- Bitcoin formed a double bottom formation at $28,500 and bounced back.
- Currently, the price is over $30,000 and the 1-hour candles are above the SMA100.
- On the 1-hour chart, we have a new trendline forming with support level at $29,800.
- In case Bitcoin breaks through $30,600, we could see a new rally.
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Bitcoin Price Action Analysis
Bitcoin price found strong support at $28,500. Seemingly, BTC formed a double bottom pattern at this level and took off with a rally.
With that, BTC surpassed $29,500 and the SMA100 and had a spike reaching over $30,000. However, the sellers are still active at $30,600. The highest recorded price in the past few hours has been $30,500 before going for a correction. Subsequently, Bitcoin price penetrated the 23.6% Fibonacci retracement level from the latest rise from $29,225 to $30,500. Moreover, we can see a new trendline forming with support level at $29,800. Currently, BTC is trading above $30,000 and the 1-hour candles are above the SMA100.
The first resistance level for Bitcoin is at $30,450 followed by $30,600. Moving above these levels could provide a strong momentum for a possible rally. Following that, the $31,500 will be a key resistance level. And finally, the $32,500 can be another key resistance level for BTC in short-term.
On the other hand, if Bitcoin price fails to surpass $30,600, there could be a new correction to follow. In that case, the $30,000 will be the first and foremost support level. After that, the $29,850 near the 50% Fibonacci retracement level will come next to support Bitcoin. Dipping below $29,850 could possible push BTC all the way down to $28,500.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on an upward momentum.
RSI: the 1-hour relative strength index is currently above 50.
Resistance levels: Right now, the $30,600, $31,200 and $31,500 are the crucial resistance levels for BTC.
Support levels: The $29,850 and $29,600 are currently the key support levels for the price.
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