Bitcoin Price Analysis: BTC Eyes More Gains Above $31K

• Bitcoin price is trading in a positive zone from the $29,250 support against the US Dollar.
• The price is now trading above $29,500 and the 55 simple moving average (4 hours).
• There is a key contracting triangle forming with resistance near $30,400 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
• The pair could start a fresh increase if it clears the $30,400 resistance zone.

Bitcoin price is rising from $29,250 against the US Dollar. BTC might eye another increase if the bulls remain active above the $29,200 zone.

Bitcoin Price Analysis

Bitcoin price started a fresh decline below the $30,000 support zone. There was a clear move below the $29,800 and $29,500 support levels. The pair traded as low as $29,103 and recently started a fresh increase.

There was a break above the $29,500 resistance zone. The price gained pace once it broke the $30,000 resistance zone and the 50% Fib retracement level of the downward move from the $31,050 swing high to the $29,103 low.

Bitcoin price is now trading above $29,500 and the 55 simple moving average (4 hours). It is also consolidating gains near the 61.8% Fib retracement level of the downward move from the $31,050 swing high to the $29,103 low.

Immediate resistance on the upside is near the $30,400 level. There is also a key contracting triangle forming with resistance near $30,400 on the 4-hour chart of the BTC/USD pair.

The next major resistance might be near the $30,550 zone. The main resistance sits at $31,000. A clear move above the $31,000 level might send the price toward $32,000, above which the price might rise toward the $33,200 level. Any more gains might push the price toward the $34,500 zone.

If there is no upside break, the price might start a fresh decline below the $30,000 level. The first major support is near $29,200. The next key support is near the $28,850 level, below which the price might accelerate lower. In the stated case, the price could decline toward the $27,500 level.

Bitcoin Price

Looking at the chart, Bitcoin’s price is trading above $30,000 and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase if it clears the $30,400 resistance zone.

Technical Indicators

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

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

Key Support Levels – $29,200 and $28,850.

Key Resistance Levels – $30,400, $31,000, and $32,000.

Source