Bitcoin Prize fights for a new increase over $ 29,500 and could overcome resistance zone of $ 30,200

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Bitcoin Prize tries to an increase in $ 29,500

The price of Bitcoin is currently in a slow upward trend and tries to overcome the $ 30,200 mark. On the hourly chart of BTC/USD, a large declining trend line with a resistance is close to $ 30,100. A final course above the resistance level of $ 30,200 could trigger a proper increase, while failure could continue the downward trend.

In the past few hours, the Bitcoin Prize broke through the level of resistance of $ 29,850 and tested the $ 29,500 mark. At around $ 29,500 a deep formation, and since then the price has been trying to climb again. There was a movement about the resistance level of $ 29,850 and $ 30,000, and the price climbed over the 50%fib retracement level of the downward movement from the swing high at $ 30,448 for low at $ 29,500. The price near $ 30,000 is currently consolidated

The Bitcoin price is still traded under $ 30,200 and the simple sliding 100-hour average. There is a large declining trend line with a resistance close to $ 30,100. The trend line is close to the 61.8%FIB retracement level of the downward movement from the swing high at $ 30,448 for deep $ 29,500. A final course above the $ 30,200 mark could trigger a new increase, the next big resistance is around $ 30,500. Further growth could lead the price towards the resistance zone of $ 31,000.

However, the Bitcoin price could continue its downward trend if it does not manage to overcome the resistance of $ 30,200. In this case, the direct support is close to the $ 29,650 mark, followed by $ 29,200. If the price falls below the $ 29,500 brand, a declining dynamic could arise and press the price towards the support zone of $ 29,200. Further losses could lead the price at short notice in the direction of the $ 28,750 mark.

The technical indicators indicate a possible upward movement. The hourly MacD is now in the bullish zone and gains speed. The hourly RSI for BTC/USD is above the 50 mark.

In summary, the Bitcoin Prize could try a new increase of $ 29,500 in the coming hours. A final course over $ 30,200 could trigger a new upward trend, while a failure could continue the downward trend. The main support levels are $ 29,650 and $ 29,200, while the main resistance levels are $ 30,100, $ 30,200 and $ 30,500. The situation remains uncertain, so investors should observe the price development closely.