Bitcoin price is over $ 29,500 - resistance zone of $ 30,200 is imminent

Bitcoin price is over $ 29,500 - resistance zone of $ 30,200 is imminent

The Bitcoin price is currently above the $ 29,500 mark. There is the possibility of an increase if the resistance zone of $ 30,200 is overcome. The price is currently below $ 30,100 and the simple, sliding 100-hour average. On the hourly chart, a declining trend line with a resistance is close to $ 30.020. The bears remain active.

However, Bitcoin was able to stay $ 29,500 and experienced an easy correction upwards. The price rose via the resistance zone of $ 29,850 and the 50 %fib retracement level of the key decline. Nevertheless, the bears remain active near the $ 30,050 mark.

The immediate resistance is near the trend line zone of $ 30.020. The first significant resistance is close to the $ 30,085 mark and the 61.8 %FIB retracement level of the most important decline. If the Bitcoin Prize overcome this resistance, this could trigger a new increase and lead the price towards the $ 30,850 mark and the resistance zone of $ 31,200.

If Bitcoin is not able to overcome the resistance of $ 30,085, further losses could occur. The immediate support is $ 29,800. If this brand is broken, the price could fall in the direction of the support zone of $ 29,200 and possibly even the $ 28,400 mark.

The technical indicators currently show that the MACD loses speed in the declining zone. However, the RSI for BTC/USD is above the 50 mark, which indicates a bullish mood.