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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.
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
