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Bitcoin price extended its upward move and approached its all-time high of $ 29,250 against the US Dollar. BTC is likely to continue rising towards the $ 30,000 level.
Bitcoin is gaining bullish momentum above $ 28,400 and broke the $ 29,000 level.
The price traded as high as $ 29,274 and well above the 100 hourly simple moving average.
The hourly chart of the BTC / USD pair includes a major breakout pattern with support near $ 28,650.
Unless there is a clear break below $ 28,300, the pair is likely to continue to rise above $ 29,000.
Bitcoin broke $ 29,000
There was a steady rise in bitcoin price above the main $ 28,300 resistance zone. BTC broke the $ 28,500 and $ 29,000 levels to continue rising. It even climbed above $ 29,200 and reached an all-time high at $ 29,274.
Recently, there was a sharp bearish correction below the $ 29,000 level, but still well above the 100 hourly simple moving average.
Bitcoin price tested the $ 28,325 support zone. Moreover, there is a major breakout pattern formed with support near $ 28,650 on the hourly chart of BTC / USD.
On the upside, the price is facing hurdles around $ 29,200. A clear break above $ 29,200 and the recent highs could open the doors for further bullishness above $ 29,500. The bulls’ main target could be $ 30,000 in the near term.
Supported low levels in BTC
If Bitcoin starts another downside correction, it is likely to find support near the $ 28,650 zone and the triangle lower trend line.
The next major support is located near the $ 28,300 zone and a key level. If there is more downside below $ 28,300, there is a greater risk of downside. In the specified case, the price could test $ 27,500 or even the 100 hourly SMA.
Technical indicators
Hourly MACD – The MACD is losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is correcting lower than 70.
Support Levels – $ 28,650 followed by $ 28,300.
Resistance Levels – $ 29,000, $ 29,200 and $ 30,000.
