TA: Bitcoin Price Remains In Range, Why The Bulls Need To Take Control
May 25 2022 - 11:08PM
NEWSBTC
Bitcoin retested the key $28,500 support zone against the US
Dollar. BTC is rising and the bulls might aim a clear move above
the $30,600 resistance. Bitcoin is trading in a major range below
the $30,600 resistance zone. The price is now trading near the
$29,800 level and the 100 hourly simple moving average. There is a
crucial bearish trend line forming with resistance near $29,950 on
the hourly chart of the BTC/USD pair (data feed from Kraken). The
pair could gain pace if there is a clear move above the key $30,600
resistance zone. Bitcoin Price Remains Supported Bitcoin price
remained well bid above the $28,500 support zone. There was a fresh
increase initiated from the $28,635 swing low and the price climbed
above $29,000. There was a break above the $29,500 resistance zone
and the 100 hourly simple moving average. The price even climbed
above the $30,000 level, but there was no upside continuation. A
high was formed near $30,188 and the price is now consolidating
gains. Bitcoin is trading near the $29,800 level and the 100 hourly
simple moving average. There was already a test of the 50% Fib
retracement level of the upward move from the $28,635 swing low to
$30,188 high. An immediate resistance on the upside is near the
$29,950 level. There is also a crucial bearish trend line forming
with resistance near $29,950 on the hourly chart of the BTC/USD
pair. The next major resistance is near the $30,180 level. Source:
BTCUSD on TradingView.com The main resistance is still near the
$30,600 zone. A clear move above the $30,600 resistance level might
start a strong increase. In the stated case, the price may perhaps
clear the $31,200 resistance zone. Fresh Decline in BTC? If bitcoin
fails to clear the $30,180 resistance zone, it could start another
decline. An immediate support on the downside is near the $29,400
level. The first major support is near the $29,250 level. It is
near the 61.8% Fib retracement level of the upward move from the
$28,635 swing low to $30,188 high. A downside break below the
$29,250 support might send the price further lower. The main
support is still near the $28,500 level. Technical indicators:
Hourly MACD – The MACD is slowly 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 – $29,400, followed by
$29,250. Major Resistance Levels – $29,950, $30,180 and $30,600.
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Aug 2024 to Sep 2024
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Sep 2023 to Sep 2024