TA: Bitcoin Eyes Fresh Increase But This Level Is The Key
17 Mayo 2022 - 10:38PM
NEWSBTC
Bitcoin is stable above the $29,600 support against the US Dollar.
BTC must clear the $31,350 resistance to start a decent increase.
Bitcoin is struggling to gain momentum above $30,500 and $30,600.
The price is now trading near the $30,000 level and the 100 hourly
simple moving average. There is a key bullish trend line forming
with support near $29,650 on the hourly chart of the BTC/USD pair
(data feed from Kraken). The pair could gain bullish momentum if
there is a close above the $31,350 resistance. Bitcoin Price Is
Consolidating Bitcoin price found support near the $29,000 zone and
started a fresh increase. There was a clear move above the $29,500
resistance zone and the 100 hourly simple moving average. The price
climbed above the $30,000 resistance zone. There was a move above
the 50% Fib retracement level of the last main decline from the
$31,390 swing high to $29,060 low. However, the bulls struggled to
stay in action above the $30,500 zone. It faced resistance near the
$30,600 level and the 61.8% Fib retracement level of the last main
decline from the $31,390 swing high to $29,060 low. Bitcoin is now
trading near the $30,000 level and the 100 hourly simple moving
average. There is also a key bullish trend line forming with
support near $29,650 on the hourly chart of the BTC/USD pair. An
immediate resistance is near the $30,600 level. Source: BTCUSD on
TradingView.com The next major resistance is near the $31,350
level. A clear move above the $31,300 and $31,350 resistance levels
might start a fresh increase in the near term. The next key
resistance could be near the $32,000 level, above which the price
might rise towards $33,200. Fresh Drop in BTC? If bitcoin fails to
gain pace above the $30,600 resistance zone, it could start a fresh
decline. An immediate support on the downside is near the $29,650
level. The next major support is near the $29,150 level. A downside
break and close below the $29,150 support might put pressure on the
bulls. In the stated case, the price could decline towards the
$28,000 level. Technical indicators: Hourly MACD – The MACD is now
slowly gaining pace in the bearish zone. Hourly RSI (Relative
Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $29,650, followed by $29,150. Major
Resistance Levels – $30,600, $31,350 and $32,000.
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