Bitcoin Steady at Triple Bottom – Quick Daily Outlook
Bitcoin has held above the $28,500 support level against the US dollar. BTC is rising, but it needs to break through $28,500 to enter the
Bitcoin has held above the $28,500 support level against the US dollar. BTC is rising, but it needs to break through $28,500 to enter the positive zone. BITCOIN began a new uptrend after testing the $28,500 support level. The price is currently trading above the $29,500 level and the 100 hourly simple moving average.
On the hourly chart of the BTC/USD pair, there was a break above a significant bearish trend line with resistance near $29,800. The pair may continue to rise towards the critical $30,600 resistance level.
Bitcoin Steady at Triple Bottom
Bitcoin’s price has continued to fall below the $29,500 support level. On the other hand, the bulls were active near the primary $28,500 support zone.
A new base was formed near $28,600, and the price began to rise again. The price broke through the $29,200 and $29,500 resistance levels. The price has surpassed the 50% Fib retracement level of the decline from the $30,630 swing high to the $28,635 low.
Furthermore, the BTC/USD pair broke above a major bearish trend line with resistance near $29,800 on the hourly chart. Bitcoin is currently trading above the $29,500 mark and the 100 hourly simple moving average (SMA).
On the upside, immediate resistance is near the $30,160 level. It is approaching the 76.4 percent Fib retracement level of the decline from the $30,630 swing high to the $28,635 low. The next major resistance is around $30,600. A clear break above the $30,600 resistance level could kick-start a steady rise. The price may break through the $31,200 resistance zone in this scenario.
Bitcoin Price Drop?
If bitcoin fails to break through the $30,600 resistance level, it may fall further. On the downside, there is immediate support near $29,600. The first significant support is near $29,500 and the 100 hourly simple moving average.
A break below the $29,500 support level could lower the price. The main support remains near $28,500, where the bulls are expected to take a strong stand. Good luck!
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