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A new uptrend in bitcoin price started after a massive rally in XRP. BTC is trading above $31,400 and there could be an increase in gains on a close above $32,000.
- Bitcoin is correcting higher above the $31,000 and $31,400 resistance levels.
- The price is trading above $31,000 and the 100-hour simple moving average.
- There was a break above a major contracting triangle with resistance near $30,700 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 $32,000.
Bitcoin price starts rising again
Bitcoin price was able to clear the $30,500 resistance area. BTC started a fresh rise after the court ruled in favor of Ripple, stating that XRP is not a security. The $30,650 resistance was broken.
Besides, there was a break above a key contracting triangle with resistance near $30,700 on the hourly chart of the BTC/USD pair. The pair even climbed above the $31,400 resistance area. There remained a high near $31,790 and the price is now consolidating gains.
It is trading near the 23.6% Fibonacci retracement level of the recent rise from the $30,217 low to $31,790 high. Bitcoin is now trading above $31,000 and the 100-hour simple moving average.
Source: BTCUSD on Tradingview.com
An immediate resistance is near the $31,600 level. The first major resistance is near the $31,800 level, above which the price is likely to accelerate. In the said case, BTC could rise towards the $32,000 resistance. The next major resistance is near the $32,500 level. Any more gains could open the doors for a move towards the $33,200 resistance area.
Are dips supported in BTC?
If bitcoin fails to clear the $31,800 resistance, it could start a downside correction. On the downside, an immediate support is near the $31,200 level.
The next key support is near the $31,000 level or the 50% Fib retracement level of the recent rise from the $30,217 low to $31,790 high, below which there could be a decline towards the $30,800 support area. Any further losses could take the price towards the $30,550 level in the near term.
Technical Indicators:
Hourly MACD – The MACD is now losing 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 – $31,200, followed by $31,000.
Key Resistance Levels — $31,650, $31,800, and $32,000.
