Bitcoin started a fresh increase and surpassed $30,000. According to NewsBTC’s Aayush Jindal, BTC is showing positive signals and could rise even higher if it clears $30,600.
Bitcoin Gains Speed
Bitcoin formed a new bottom above the key $28,500 support zone and started a fresh increase above the $29,200 resistance zone. BTC surpassed the 50% Fib retracement level of the downward move from the $30,188 high to $27,505 high. Besides, there was a break above a major bearish trend line with resistance near $29,200 on the hourly chart of the BTC/USD pair.
The pair is now trading above the $29,500 level and the 100 hourly simple moving average. Bitcoin is also trading above the 76.4% Fib retracement level of the downward move from the $30,188 high to $27,505 high.
The first major resistance is near the $30,600 level. A clear move above the $30,600 resistance level could indicate a trend change. In the stated case, it could even surpass the $31,200 resistance. The next major resistance is near the $32,500 level.
Will Bitcoin Drop Again?
Jindal says that if Bitcoin fails to break past the $30,600 resistance zone, it could start a downside correction. An immediate support on the downside is near the $30,000 level. The first major support is near the $29,600 level. The main support is currently forming near the $29,300 level and the 100 hourly simple moving average. A downside break below the $29,200 support could push the price down further. In the stated case, the price could revisit the $28,500 support zone in the near term.
What Do Technical Indicators Say?
- Hourly MACD – The MACD is now gaining momentum in the bearish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well above the 60 level.
- Major Support Levels – $29,500 followed by $28,500
- Major Resistance Levels – $30,250, 30,600 and $32,500
