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.

Bitcoin Price Forms Triple Bottom

Bitcoin price extended decline below the $29,500 support zone. However, the bulls were active near the main $28,500 support zone.

A fresh base was formed near $28,600 and the price started a fresh increase. There was a clear move above the $29,200 and $29,500 resistance levels. The price surpassed the 50% Fib retracement level of the downward move from the $30,630 swing high to $28,635 low.

Besides, there was break above a major bearish trend line with resistance near $29,800 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above the $29,500 level and the 100 hourly simple moving average.

Source: BTCUSD on TradingView.com

An immediate resistance on the upside is near the $30,160 level. It is near the 76.4% Fib retracement level of the downward move from the $30,630 swing high to $28,635 low. The next major resistance is near the $30,600 level. A clear move above the $30,600 resistance level might start a steady increase. In the stated case, the price may perhaps clear the $31,200 resistance zone.

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 started a fresh increase from the $28,500 support zone against the US Dollar. BTC could rally if there is a clear move above the $30,600 resistance zone.

• Bitcoin formed a double bottom pattern near $28,500 and climbed higher.
• The price is now trading above the $30,000 level and the 100 hourly simple moving average.
• There is a key bullish trend line forming with support near $29,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could gain bullish momentum if there is a clear move above $30,600.

Bitcoin Price Could Soon Rally

Bitcoin price remained well bid above the $28,500 support zone. It seems like there was a double bottom pattern formed above $28,500 before the price started a fresh increase.

There was a clear move above the $29,500 resistance zone and the 100 hourly simple moving average. The price even climbed above the $30,000 resistance zone. However, the bears are still active near the $30,600 resistance zone.

The price traded as high as $30,500 and is currently correcting lower. There was a move below the 23.6% Fib retracement level of the upward move from the $29,225 swing low to $30,500 high.

On the downside, there is a key bullish trend line forming with support near $29,800 on the hourly chart of the BTC/USD pair. It is now trading above the $30,000 level and the 100 hourly simple moving average. An immediate resistance is near the $30,450 level. The next major resistance is near the $30,600 level.

Source: BTCUSD on TradingView.com

A clear move above the $30,450 and $30,600 resistance levels might start a strong rally in the near term. The next key resistance could be near the $31,500 level, above which the price might rise to $32,500.

Fresh Decline in BTC?

If bitcoin fails to clear the $30,600 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $30,000 level. The first major support is near the $29,850 level and the trend line.

The trend line is near the 50% Fib retracement level of the upward move from the $29,225 swing low to $30,500 high. A clear move below the trend line might send the price towards the $28,500 support.

Technical indicators:

Hourly MACD – The MACD is now slowly losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $29,850, followed by $29,600.

Major Resistance Levels – $30,600, $31,200 and $31,500.