Bitcoin price managed to stay above $28,500. So far, BTC has remained bullish but it must surpass $30,500 in order to escape the channel. Here is a summary of Bitcoin price in the past 24 hours:
- Bitcoin set on a new rally starting from $28,500.
- Currently, the price is above $29,500 and the 1-hour candles are above the SMA100.
- On the 1-hour chart, we see BTC has broken a new downtrend at $29,800.
- It is likely for Bitcoin price to continue upwards and attempt to surpass $30,600.
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Bitcoin Price Action Analysis
Bitcoin price lost the $29,500 support level but the buyers pushed BTC up at $28,500. With a new bottom at $28,500, BTC went on a new recovery attempt. Following that, Bitcoin price surpassed $29,200 and $29,500 and moved above the 50% Fibonacci retracement level from the latest fall from $30,630 to $28,635. Furthermore, BTC broke through a key resistance level at $29,800. As of now, BTC is trading above $29,500 and the 1-hour candles are above the SMA100.
The first resistance level for BTC is at $30,160. This level is near the 76.4% Fibonacci retracement level. After that, the $30,600 will be the resistance level to beat. Surpassing $30,600 could likely jump start a new rally. In that case, BTC could make another attempt to surpass $31,200.
On the other hand, if Bitcoin price fails to surpass $30,600, there could be another correction to follow. With that, the $29,600 will be the first support level for Bitcoin. Following that, the $29,500 on the SMA100 will be next. Dipping below $29,500 could cause further decline. However, the primary support level for BTC is still the $28,500 where the buyers halted the selling pressure.
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 $30,150, $30,500 and $30,600 are the crucial resistance levels for BTC.
Support levels: The $29,500 and $28,500 are currently the key support levels for the price.
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