Bitcoin is holding the key $29,500 support against the US Dollar. BTC must clear the $31,500 resistance zone to start a major increase in the near term.<\/p>\n
Bitcoin is showing a few positive signs above the $29,500 support zone.
\nThe price is now trading below the $30,500 level and the 100 hourly simple moving average.
\nThere is a major contracting triangle forming with resistance near $31,250 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a strong increase if there is a clear move above the $31,500 resistance.<\/p>\n
Bitcoin Price Remains In A Range<\/p>\n
Bitcoin price attempted a fresh increase above the $31,200 and $31,500 resistance levels. However, the bears were active near the $31,500 zone. A high was formed near $31,550 and the price corrected gains.<\/p>\n
There was a move below the $31,000 and $30,500 support levels. A low was formed near $29,848 and the price is now consolidating in a range. There was a recovery above the $30,000 resistance zone. The price spiked above the 23.6% Fib retracement level of the recent decline from the $31,550 high to $29,848 low.<\/p>\n
However, the price struggled near the $30,700 level. Bitcoin is now trading below the $30,500 level and the 100 hourly simple moving average.<\/p>\n
An immediate resistance on the upside is near the $30,400 level and the 100 hourly simple moving average. The first major resistance is near the $30,850 level. The main resistance is near the $31,250 level. There is also a major contracting triangle forming with resistance near $31,250 on the hourly chart of the BTC\/USD pair.<\/p>\n\n
Source: BTCUSD on TradingView.com<\/p>\n
A clear move above the $31,250 resistance level could send the price further higher. The next major resistance might be $32,000. Any more gains might call for a trend change and a move towards the $33,200 level.<\/p>\n
Downside Break in BTC?<\/p>\n
If bitcoin fails to clear the $31,250 resistance zone, it could start another decline. An immediate support on the downside is near the $30,000 level.<\/p>\n
The next major support is near the $29,850 level. The main support is still near the $29,500 zone. A downside break below the $29,500 support may perhaps spark another decline. In the stated case, the price could dive towards the $28,500 support zone in the near term.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now losing pace in the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now just below the 50 level.<\/p>\n
Major Support Levels \u2013 $30,000, followed by $29,500.<\/p>\n
Major Resistance Levels \u2013 $30,400, $30,850 and $31,250.<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Bitcoin is holding the key $29,500 support against the US Dollar. BTC must clear the $31,500 resistance zone to start a major increase in the near term.<\/p>\n
Bitcoin is showing a few positive signs above the $29,500 support zone.
\nThe price is now trading below the $30,500 level and the 100 hourly simple moving average.
\nThere is a major contracting triangle forming with resistance near $31,250 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a strong increase if there is a clear move above the $31,500 resistance.<\/p>\n
Bitcoin Price Remains In A Range<\/p>\n
Bitcoin price attempted a fresh increase above the $31,200 and $31,500 resistance levels. However, the bears were active near the $31,500 zone. A high was formed near $31,550 and the price corrected gains.<\/p>\n
There was a move below the $31,000 and $30,500 support levels. A low was formed near $29,848 and the price is now consolidating in a range. There was a recovery above the $30,000 resistance zone. The price spiked above the 23.6% Fib retracement level of the recent decline from the $31,550 high to $29,848 low.<\/p>\n
However, the price struggled near the $30,700 level. Bitcoin is now trading below the $30,500 level and the 100 hourly simple moving average.<\/p>\n
An immediate resistance on the upside is near the $30,400 level and the 100 hourly simple moving average. The first major resistance is near the $30,850 level. The main resistance is near the $31,250 level. There is also a major contracting triangle forming with resistance near $31,250 on the hourly chart of the BTC\/USD pair.<\/p>\n
Source: BTCUSD on TradingView.com<\/p>\n
A clear move above the $31,250 resistance level could send the price further higher. The next major resistance might be $32,000. Any more gains might call for a trend change and a move towards the $33,200 level.<\/p>\n
Downside Break in BTC?<\/p>\n
If bitcoin fails to clear the $31,250 resistance zone, it could start another decline. An immediate support on the downside is near the $30,000 level.<\/p>\n
The next major support is near the $29,850 level. The main support is still near the $29,500 zone. A downside break below the $29,500 support may perhaps spark another decline. In the stated case, the price could dive towards the $28,500 support zone in the near term.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now losing pace in the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now just below the 50 level.<\/p>\n
Major Support Levels \u2013 $30,000, followed by $29,500.<\/p>\n
Major Resistance Levels \u2013 $30,400, $30,850 and $31,250.<\/p>\n
<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-831","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/831","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=831"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/831\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=831"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=831"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=831"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}