Bitcoin Price Prints Bullish Technical Pattern, Why Close Above $30K Is Critical
On this day in history, June 5, 1968, presidential hopeful Robert F. Kennedy is fatally shot in Los Angeles
Ruptured brain aneurysm lands social media influencer in medically induced coma after emergency C-section
Bitcoin price is rising steadily above $29,000. BTC could start a strong upward move if there is a close above the $30,000 resistance.
- Bitcoin is showing positive signs and rising toward the $30,000 resistance zone.
- The price is trading above $28,800 and the 100 hourly Simple moving average.
- There is a key rising channel forming with resistance near $29,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a major increase if there is a close above the $30,000 resistance zone.
Bitcoin Price Regains Strength
Bitcoin price formed a base above the $28,000 support zone. BTC started a steady increase and there were bullish moves seen after the Fed hiked interest rates to 5.25%.
The bulls were able to push the price above the $28,800 resistance zone. There was a break above the 61.8% Fib retracement level of the downward move from the $29,975 swing high to the $27,665 low. It opened the doors for a move above $29,000.
Bitcoin is now trading above $28,800 and the 100 hourly Simple moving average. There is also a key rising channel forming with resistance near $29,600 on the hourly chart of the BTC/USD pair.
Immediate resistance is near the $29,420 level. It is close to the 76.4% Fib retracement level of the downward move from the $29,975 swing high to the $27,665 low. The next major resistance is near the channel, above which the price might rise toward the $30,000 resistance zone.
Source: BTCUSD on TradingView.com
Any more gains could open the doors for a decent rally toward the $31,200 resistance. In the stated case, the price may perhaps rise toward the $32,500 level.
Fresh Decline in BTC?
If Bitcoin’s price fails to clear the $29,600 resistance, it could start a downside correction. Immediate support on the downside is near the $28,800 level and the channel trend line.
The next major support is near the $28,600 zone or the 100 hourly Simple moving average, below which the price might drop toward the $28,200 support zone. Any more losses might take Bitcoin toward the $27,650 level in the near term.
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $28,800, followed by $28,600.
Major Resistance Levels – $29,420, $29,600, and $30,000.