TA: Bitcoin Price Moves Higher In Range, $30.6K Still Presents Resistance
24 Mayo 2022 - 10:08PM
NEWSBTC
Bitcoin remained strong above the $28,500 support against the US
Dollar. BTC is rising, but it must clear $28,500 to move into a
positive zone. Bitcoin started a fresh increase after it tested the
$28,500 support zone. The price is now trading above the $29,500
level and the 100 hourly simple moving average. There was break
above a major bearish trend line with resistance near $29,800 on
the hourly chart of the BTC/USD pair (data feed from Kraken). The
pair could continue to move higher towards the key $30,600
resistance zone. Bitcoin Price Forms Triple Bottom Bitcoin price
extended decline below the $29,500 support zone. However, the bulls
were active near the main $28,500 support zone. A fresh base was
formed near $28,600 and the price started a fresh increase. There
was a clear move above the $29,200 and $29,500 resistance levels.
The price surpassed the 50% Fib retracement level of the downward
move from the $30,630 swing high to $28,635 low. Besides, there was
break above a major bearish trend line with resistance near $29,800
on the hourly chart of the BTC/USD pair. Bitcoin price is now
trading above the $29,500 level and the 100 hourly simple moving
average. Source: BTCUSD on TradingView.com An immediate resistance
on the upside is near the $30,160 level. It is near the 76.4% Fib
retracement level of the downward move from the $30,630 swing high
to $28,635 low. The next major resistance is near the $30,600
level. A clear move above the $30,600 resistance level might start
a steady increase. In the stated case, the price may perhaps clear
the $31,200 resistance zone. Fresh Decline in BTC? If bitcoin fails
to clear the $30,600 resistance zone, it could start another
decline. An immediate support on the downside is near the $29,600
level. The first major support is near the $29,500 level and the
100 hourly simple moving average. A downside break below the
$29,500 support might send the price further lower. The main
support is still near the $28,500 level, where the bulls are likely
to take a strong stand. Technical indicators: Hourly MACD – The
MACD is now gaining pace in the bullish zone. Hourly RSI (Relative
Strength Index) – The RSI for BTC/USD is now well above the 50
level. Major Support Levels – $29,500, followed by $28,500. Major
Resistance Levels – $30,150, $30,500 and $30,600.
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