Bitcoin price recovered from the $29,000 support level. BTC is likely to revisit the critical resistance area of ​​$29,700 in the coming sessions. #BTC #达摩院

  • Bitcoin is slowly rising above the $29,200 and $29,300 levels.

  • The price is trading above $29,300 and the 100 hourly simple moving average.

  • There was a break above a key bearish trend line with resistance near $29,375 on the hourly chart of the BTC/USD pair (data source from Kraken).

  • The pair could move towards the next major resistance at $29,700.

Bitcoin price faces many obstacles

Bitcoin price retested the $29,050 support area where the bulls emerged. BTC remained strong above the $29,000 area and started a fresh increase recently.

There was a clear move above the $29,250 and $29,300 levels. The price broke the 50% Fib retracement level of the downward move from the $29,678 swing high to $29,070 support. Moreover, there was a break above a key bearish trend line with resistance near $29,375 on the hourly chart of the BTC/USD pair.

Bitcoin is currently trading above $29,300 and the 100 hourly simple moving average. It is currently facing resistance near $29,450.

The 61.8% Fib retracement level of the downside move from the $29,678 swing high to $29,070 support seems to be acting as a resistance. The first major resistance is still near the $29,650 level. The next major resistance is near the $29,700 level, above which the price could rise towards the $30,000 resistance zone.

A close above the $30,000 resistance area is likely to start a significant increase. In the mentioned case, the price might even break the $30,400 resistance.

Bitcoin falls again?

If bitcoin fails to clear the $29,700 resistance, it could start a fresh decline. An immediate support on the downside is near the $29,300 level and the 100 hourly simple moving average.

The next major support is near the $29,050 level, below which the price is likely to accelerate lower. The next support is near the $28,800 level. Any more losses might warrant a move towards the $28,200 level in the near term.

Technical indicators:

Hourly MACD – The MACD is currently accelerating in the bullish zone.

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

Major Support Levels – $29,200, followed by $29,050.

Major Resistance Levels – $29,450, $29,700 and $30,000.