TA: Bitcoin Price Remains In Range, Why The Bulls Need To Take Control

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 o...