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Bitcoin price is holding the key $30,000 support area. BTC needs to consolidate above $31,000 and $31,400 to start a fresh increase in the near term.
- Bitcoin is showing some positive signs above the $30,000 support area.
- The price is trading above $30,200 and the 100 hourly simple moving average.
- There is a short term bullish trend line forming with support near $30,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to gain bullish momentum if there is a close above $31,200.
Bitcoin price stable above $30K
Bitcoin price started a fresh decline below the $30,500 support area. However, the bulls were again active above the $30,000 support area. BTC remained in a range and made another attempt to clear $31,000 but failed.
A recent low was formed near $30,214 and the price is correcting higher. It traded above the 23.6% Fib retracement level of the recent decline from the $31,020 high to $30,214 low. There is also a short term bullish trend line forming with support near $30,400 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading above $30,200 and the 100-hour simple moving average. The bulls are now facing resistance near the $30,600 level.
The next resistance is near the $30,700 area. It is close to the 61.8% Fib retracement level of the recent decline from the $31,020 high to $30,214 low, above which the price could retest $31,000. To start a sustained rise, the price must consolidate above $31,000.
Source: BTCUSD on Tradingview.com
The next major resistance is near the $31,400 level. Any more gains could open the doors for a move towards the $32,000 resistance area.
More Losses in BTC?
If bitcoin price fails to overcome the $30,700 resistance, it could start another decline. On the downside, an immediate support is near the $30,200 level and the trend line.
The next major support is near the $30,000 level, below which there is a decline to $29,850. Any further losses could take the price towards the $29,400 level.
Technical Indicators:
Hourly MACD – The MACD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.
Key Support Levels – $30,200, followed by $30,000.
Key resistance levels are $30,700, $31,000, and $31,400.
