Bitcoin price moves higher above the $30,500 level. BTC is showing signs of a fresh move towards the USD 31,000 resistance zone.
- Bitcoin is slowly moving higher above the $30,500 support zone.
- The price is trading above $30,400 and the 100 Simple hourly moving average.
- A major bullish trendline is forming with support near USD 30,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise further towards the USD 31,000 resistance and then USD 31,400.
Bitcoin price holds up
Bitcoin price remained stable above the USD 30,000 support zone. A base was formed and BTC started a decent increase above the USD 30,200 level.
The price was able to rise a few times above the 50% Fib retracement level from the downward move from $31,020 high to $30,215 low. However, the bears appear to be active near the $30,700 resistance zone. A major bullish trendline is also forming with support near USD 30,500 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading above USD 30,400 and the 100 Simple hourly moving average. Immediate resistance on the upside is seen near the $30,720 level. It is close to the 61.8% Fib retracement level of the downward move from $31,020 high to $30,215 low.
Source: BTCUSD at TradingView.com
The next resistance is near the USD 31,000 zone, above which the price could gain bullish momentum. In the said case, BTC could rise towards the USD 31,400 resistance. The next major resistance is near the USD 32,000 level. Any further gains could open the door for a move towards the $32,500 resistance zone.
Another drop in BTC?
If the price of Bitcoin fails to clear the $30,700 resistance, it could trigger another decline. Immediate support on the downside is near the $30,500 level and trendline.
The next major support is near the $30,300 level and the 100 hourly Simple moving average, below which there could be a drop towards the $30,000 support zone. Any more losses could send the price towards the $29,850 level in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $30,500 followed by $30,300.
Major resistance levels – $30,700, $31,000 and $31,400.
