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Bitcoin price is correcting higher above the $30,500 level. BTC is showing signs of a fresh move towards the $31,000 resistance area.
- Bitcoin is slowly correcting above the $30,500 support area.
- The price is trading above $30,400 and the 100-hour simple moving average.
- There is a major bullish trend line forming with support near $30,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to rise above the $31,000 resistance, and then $31,400.
bitcoin price remains stable
Bitcoin price remained stable above the $30,000 support area. A base was formed and BTC started a decent increase above the $30,200 level.
The price was able to rise a few times above the 50% Fibonacci retracement level of the downside move from the $31,020 high to $30,215 low. However, the bears seem to be active near the $30,700 resistance area. There is also a major bullish trend line forming with support near $30,500 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading above $30,400 and the 100-hour simple moving average. On the upside, an immediate resistance is being seen near the $30,720 level. It is close to the 61.8% Fib retracement level of the decline from the $31,020 high to $30,215 low.
Source: BTCUSD on Tradingview.com
The next resistance is near the $31,000 area, above which the price is likely to accelerate higher. In the said case, BTC could rise towards the $31,400 resistance. The next major resistance is near the $32,000 level. Any more gains could open the door for a move towards the $32,500 resistance area.
Another drop 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 $30,500 level and the trend line.
The next major support is near the $30,300 level and the 100 hourly simple moving average, below which there could be a decline towards the $30,000 support area. Any further losses could take the price towards the $29,850 level in the near term.
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 – $30,500, followed by $30,300.
Key resistance levels are $30,700, $31,000, and $31,400.
