Bitcoin price extended its uptrend, trading at a new all-time high near $ 29,250 against the US dollar. BTC is likely to continue rising towards USD 30,000.
- Bitcoin is rising above $ 28,400 and has passed the $ 29,000 level.
- The price was $ 29,274, well above the 100-hour simple moving average.
- A large breakout pattern is forming on the hourly chart of the BTC / USD pair (data feed from Kraken) with support near USD 28,650.
- The pair should continue to climb above $ 29,000 unless there is a significant break below $ 28,300.
Bitcoin Price Breaks $ 29,000
Bitcoin price rose steadily above the main resistance zone of $ 28,300. BTC broke the $ 28,500 and $ 29,000 levels to continue rising. It even surged above USD 29,200 to hit a new all-time high at USD 29,274.
Recently, there has been a sharp downward correction below the $ 29,000 level, but it’s still well above the 100 hour simple moving average. The price also fell below the 23.6% fib retracement level of the move up from the low of $ 27,375 to the high of $ 29,274.
Source: BTCUSD on TradingView.com
Bitcoin price tested the USD 28,325 support zone. It also stayed well bid above the 50% fib retracement level of the uptrend from the low of $ 27,375 to the high of $ 29,274. In addition, a large breakout pattern is forming on the hourly chart of the BTC / USD pair with support near USD 28,650.
On the upside, the price is facing hurdles near $ 29,200. A sharp break above $ 29,200 and the recent high could open the doors for further upside above $ 29,500. The main target for the bulls in the short term could be $ 30,000.
Dips supported in BTC?
If Bitcoin starts another downward correction, it will likely find support near the $ 28,650 zone and the lower triangle trendline.
The next major support is near the $ 28,300 zone (a multi-touch zone) and a key level. If there are more downsides below $ 28,300, there is a risk of a bigger drop. In the given case, the price could test $ 27,500 or even the 100 hour SMA.
Hourly MACD – The MACD is losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD corrected from 70 to lower.
Major Support Levels – $ 28,650, followed by $ 28,300.
Major Resistance Levels – $ 29,000, $ 29,200, and $ 30,000.