• Bitcoin price is trading in a positive zone after rising from $29,250 against the US Dollar.
• There is a key contracting triangle forming with resistance near $30,400 on the 4-hour chart of the BTC/USD pair.
• Bulls need to clear the $30,400 resistance zone to start another increase towards $32,000 and beyond.
Bitcoin Price Analysis
Bitcoin price started a fresh decline below the $30,000 support zone and reached as low as $29,103. Recently, it has started a fresh increase and is now trading above $29,500 and the 55 simple moving average (4 hours). The bulls need to break through the key contracting triangle with resistance near $30,400 on the 4-hour chart of the BTC/USD pair for more upside momentum.
Key Resistance Levels
The main resistance sits at $31,000. If this level is cleared by buyers then it could open up further gains towards $32,000 and beyond. On the downside there are two main support levels at 29200 and 28850 respectively. If these levels fail to hold then bitcoin price could accelerate lower towards 27500 level.
The MACD indicator is gaining bullish momentum in its current trading range while RSI remains above 50 mark indicating positive sentiment in short term trend.
Overall, Bitcoin’s price is trading above 30k and 55 simple moving average (4 hours). To start another bull run higher than 32k bulls will have to break through 30k level first followed by 31k level after that. On downside two main supports are placed at 29200 & 28850 if these fails then bitcoin might crash further down towards 27500 levels