• Bitcoin price is currently 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.
• The pair could start a fresh increase if it clears the $30,400 resistance zone.
Bitcoin Price Analysis
Bitcoin price is rising from $29,250 against the US Dollar and might eye another increase if the bulls remain active above the $29,200 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.
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 this level might send Bitcoin’s price toward new highs of around 32K and beyond that to 33K+.
If there is no upside break past 31K then Bitcoin’s price might start a fresh decline below 30K again and first major support would be near 29K followed by 28850 below which it could accelerate lower towards 27500 mark or even lower than that in extreme cases.
The MACD for 4 hours timeframe is gaining momentum in bullish zone while RSI for same time period has crossed 50 level which indicates positive sentiment for buyers in short to medium term outlook for BTC/USD pair.
Overall it looks like Bitcoin may continue its upward trajectory if it can successfully break through 30400 level otherwise it may drop back down to previous lows or even further depending on market conditions in coming days ahead so traders should keep an eye out for any developments happening at these levels before taking any positions in market.