Bitcoin price extended its upward movement and traded to a new all-time high near $ 29,250 against the US dollar. BTC is likely to continue higher towards the $ 30,000 level.
- Bitcoin is gaining bullish momentum above USD 28,400 and broke the USD 29,000 level.
- The price traded as high as $ 29,274 and was well above the 100 simple hourly moving average.
- A big breakout pattern is forming with support near USD 28,650 on the hourly chart of the BTC / USD pair (Kraken data feed).
- The pair is likely to stay above USD 29,000 unless there is a clear break below USD 28,300.
Bitcoin price breaks USD 29,000
There was a steady increase in bitcoin price above the key USD 28,300 resistance zone. BTC broke the USD 28,500 and USD 29,000 levels to stay higher. In fact, it peaked above USD 29,200 and traded towards a new all-time high of USD 29,274.
Recently, there was a sharp downward correction below the USD 29,000 level, but it is still well above the 100 easy hourly moving average. The price also spiked below the 23.6% Fib retracement level from the upward movement from the $ 27,375 swing low to the $ 29,274 high.
Source: BTCUSD on TradingView.com
Bitcoin price tested the USD 28,325 support zone. It also stayed well above the 50% Fib retracement level from the upward move from the $ 27,375 swing low to the $ 29,274 high. Additionally, a large breakout pattern is forming with support near USD 28,650 on the hourly chart of the BTC / USD pair.
On the upside, the price is facing hurdles near USD 29,200. A clear break above USD 29,200 and the recent high could open the doors for more benefits above USD 29,500. The main target for the bulls could be $ 30,000 in the near term.
Dips supported in BTC?
When bitcoin starts another downward correction, it is likely to find support near the USD 28,650 zone and the triangle lower trendline.
The next big support is near the USD 28,300 zone (a multi-touch zone) and a key level. If there are more downsides below USD 28,300, there is a risk of a bigger drop. In the case mentioned, the price could be $ 27,500 or even the 100 hourly SMA.
Hourly MACD – The MACD is losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD corrects lower from the 70 level.
Key Support Levels – USD 28,650, followed by USD 28,300.
Major Resistance Levels – USD 29,000, USD 29,200 and USD 30,000.