Bitcoin remained well bid above the $29,350 support zone against the US Dollar. BTC started a fresh increase and cleared the $30,000 resistance zone. Bitcoin started a recovery wave from the $29,350 support zone. The price is now trading above the $30,000 level and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $29,700 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could accelerate higher if it clears the $31,180 resistance zone. Bitcoin Price Aims Higher Bitcoin price remained well bid near the key $29,350 support zone. A base was formed near $29,350 and the price started a fresh increase. There was a clear move above the $29,800 and $30,000 resistance levels. Besides, there was a break above a major bearish trend line with resistance near $29,700 on the hourly chart of the BTC/USD pair. The pair climbed above the $30,000 level and the 100 hourly simple moving average. There was a spike above the 50% Fib retracement level of the key decline from the $32,400 swing high to $29,255 low. Bitcoin price is now consolidating near the $30,800 level. An immediate resistance on the upside is near the $31,180 level. It is near the 61.8% Fib retracement level of the key decline from the $32,400 swing high to $29,255 low. Source: BTCUSD on TradingView.com The next major resistance is near the $31,650 level. A clear move above the $31,650 resistance level could start another increase. In the stated case, the price could rise towards the $32,400 resistance. The next major resistance sits near the $33,000 level. Dips Limited in BTC? If bitcoin fails to clear the $31,180 resistance zone, it could a downside correction. An immediate support on the downside is near the $30,400 level. The next major support is near the $29,950 level and the 100 hourly simple moving average. A downside break below the $29,950 support may perhaps spark another decline. In the stated case, the price could revisit the $29,350 support zone 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 well above the 50 level. Major Support Levels – $30,400, followed by $29,950. Major Resistance Levels – $31,180, $31,650 and $32,400.
Charts show the Bitcoin 600-day moving average (MA) has once again met with the BTC price curve, will the line act as support for the crypto once again? Bitcoin Price Curve Is Once Again Touching The 600-Day MA As pointed out by an analyst in a CryptoQuant post, the BTC price has once more dropped down to the 600-day MA support line. A “moving average” (or MA in short) is an analytical tool that averages a given quantity over a specific period of time, and constantly updates itself as time passes and the value of said quantity (the price of Bitcoin in this case) changes. Hence the “moving” in the name. MAs can be quite useful for analysis as they smooth out the price curve by hiding any local random fluctuations. Such short-term ups and downs in the value of BTC generally aren’t relevant to any long-term trend study so MAs are usually employed when looking over large timespans. An analyst can choose to take an MA over any time period, whether that be only one minute, or even one thousand days. Related Reading | Bitcoin Data: Number Of Active Entities Remain In Bear Market Channel The quant in the post has referred to the 600-day version. Here is the chart showing its trend vs the price of Bitcoin over the past year: The 600-day MA curve seems to have met the BTC price once again | Source: CryptoQuant As you can see in the above graph, since the price has declined following the all-time high formation last year, the value of Bitcoin has made touches of the 600-day MA several times. During each of those retests, the 600-day MA curve line has acted as support for the crypto’s price, and helped it propel back up. Now once again the two lines have touched each other, but it remains to be seen whether support will hold this time or not. Related Reading | Arthur Hayes’ Crystal Ball Predicts: Bitcoin And Ethereum To See Carnage In June If the price trends below the 600-day MA curve, then Bitcoin may observe some real decline, just like when it lost the 200-day MA support. BTC Price At the time of writing, Bitcoin’s price floats around $39.8k, down 9% in the last seven days. Over the past month, the crypto has accumulated 2% in gains. The below chart shows the trend in the price of the coin over the last five days. Looks like the price of BTC crashed down a few days back | Source: BTCUSD on TradingView After holding above the $40k level for almost a month, Bitcoin seems to have once again declined below the level. Following the drop, the price has moved sideways over the last couple of days. Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com
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