Bitcoin price is attempting a recovery wave above the $29,200 level. BTC must clear the $29,600 resistance to start a decent recovery wave.
- Bitcoin is consolidating above the $29,000 support zone.
- The price is trading below $29,600 and the 100 hourly Simple moving average.
- There is a short-term rising channel forming with support near $29,120 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could recover but upsides might be limited above the $29,600 resistance.
Bitcoin Price Faces Resistance
Bitcoin price extended its decline below the $29,200 support zone. BTC even traded below the $29,000 level. A low is formed near $28,880 and the price is now attempting a recovery wave.
There was a minor increase above the $29,000 resistance level. The price spiked above the 23.6% Fib retracement level of the downward move from the $30,334 swing high to the $28,880 low. However, the bears are active near the $29,350 level.Bitcoin is now trading below $29,600 and the 100 hourly Simple moving average. There is also a short-term rising channel forming with support near $29,120 on the hourly chart of the BTC/USD pair.
Immediate resistance is near the $29,350 level. The first major resistance is near the $29,600 level and the 100 hourly Simple moving average. It is near the 50% Fib retracement level of the downward move from the $30,334 swing high to the $28,880 low.