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Bitcoin Price Analysis: BTC Bulls In Control Above $29,500

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Earn Your First Bitcoin Sign up and get Bonus Referral bonus up to ,000 Sign up Bitcoin price started a fresh increase above the ,500 zone against the US Dollar. The price is now trading above ,500 and the 55 simple moving average (4 hours). There is a major bullish trend line forming with support near ,800 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase). The pair could continue to rise if it stays above the ,500 support zone. Bitcoin price is showing positive signs above ,000 against the US Dollar. BTC might correct lower but dips could be limited below the ,500 zone. Bitcoin Price Analysis Bitcoin price started a decent increase above the ,000

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Bitcoin Price Analysis: BTC Bulls In Control Above $29,500

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  • Bitcoin price started a fresh increase above the $28,500 zone against the US Dollar.
  • The price is now trading above $28,500 and the 55 simple moving average (4 hours).
  • There is a major bullish trend line forming with support near $29,800 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
  • The pair could continue to rise if it stays above the $29,500 support zone.

Bitcoin price is showing positive signs above $29,000 against the US Dollar. BTC might correct lower but dips could be limited below the $29,500 zone.

Bitcoin Price Analysis

Bitcoin price started a decent increase above the $27,000 resistance zone. The price gained and cleared many hurdles near the $27,500 and $28,000 levels.

There was a clear move above the $28,500 level and the 55 simple moving average (4 hours). The price even rallied above the $30,000 resistance zone. However, the bears were active near the $31,450 zone. A high was formed near $31,443 and the price is now consolidating gains.

The price traded below $30,500 but is still above the 23.6% Fib retracement level of the upward move from the $24,751 swing low to the $31,443 high. The price is now trading well above $28,500 and the 55 simple moving average (4 hours).

Immediate resistance on the upside is near the $31,000 level. The first major resistance is near the $31,450 level, above which the price could rise toward the $32,200 zone.

Any more gains might send the price toward the $33,200 zone. If there is no upside break, the price might start a downside correction below $30,000.

The next key support is near the $29,850 level. There is also a major bullish trend line forming with support near $29,800 on the 4-hour chart of the BTC/USD pair. Any more losses might call for a move toward the $29,500 support zone or the 55 simple moving average (4 hours).

The next major support is seen near the 50% Fib retracement level of the upward move from the $24,751 swing low to the $31,443 high.

Bitcoin Price Analysis: BTC Bulls In Control Above $29,500

Bitcoin Price

Looking at the chart, Bitcoin price is trading above $28,500 and the 55 simple moving average (4 hours). Overall, the price could continue to rise if it stays above the $29,500 support zone.

Technical Indicators

4 hours MACD – The MACD is now losing momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.

Key Support Levels – $29,850 and $29,500.

Key Resistance Levels – $31,000, $31,450, and $32,200.

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