Bitcoin Bulls Keep Pushing, Why Rally Isn’t Over Yet

Bitcoin price started a fresh increase above the $29,000 resistance. BTC could rally if there is a clear move above the $30,000 resistance.

• Bitcoin is moving higher above the $28,800 and $29,000 resistance levels.
• The price is trading above $28,800 and the 100 hourly Simple moving average.
• There is a major contracting triangle forming with support near $29,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could continue to rise if it clears the $29,800 and $30,000 resistance levels.

Bitcoin Price Extends Its Increase

Bitcoin price remained strong above the $28,000 support zone. BTC bulls were active and were able to pump the price above the $28,500 resistance zone.

There was a steady increase above the $28,800 and $29,000 resistance levels. The price traded close to the $30,000 resistance zone. A high is formed near $29,882 and the price is now consolidating gains. Bitcoin is trading above $28,800 and the 100 hourly Simple moving average.

There is also a major contracting triangle forming with support near $29,250 on the hourly chart of the BTC/USD pair. The triangle support is close to the 23.6% Fib retracement level of the upward move from the $27,258 swing low to the $29,882 high.

Source: BTCUSD on TradingView.com

Immediate resistance is near the $29,800 level and the triangle trend line. The next major resistance sits near the $30,000 zone. A close above the $30,000 resistance could send Bitcoin toward $30,500. Any more gains could open the doors for a test of the key barrier at $31,200.

Fresh Decline in BTC?

If Bitcoin’s price fails to clear the $29,800 resistance, it could again start a fresh decline. Immediate support on the downside is near the $29,250 level and the triangle region.

A downside break below the triangle might send the price toward the 50% Fib retracement level of the upward move from the $27,258 swing low to the $29,882 high. The next major support is near the $28,250 zone or the 100 hourly Simple moving average. Any more losses might take Bitcoin toward $27,800 in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

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

Major Support Levels – $29,250, followed by $28,550.

Major Resistance Levels – $29,800, $30,000, and $30,500.