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Home»Analysis»Bitcoin Bulls Keep Pushing Why Another Increase To $31K Looks Likely
Analysis

Bitcoin Bulls Keep Pushing Why Another Increase To $31K Looks Likely

2023-07-18No Comments3 Mins Read
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Bitcoin price is attempting another $29,500 hike. BTC could gain bullish momentum if it clears the $30,200 resistance zone in the near term.

  • Bitcoin is slowly moving up from the $29,500 level.
  • The price is trading below $30,200 and the 100 simple hourly moving average.
  • A major bearish trendline is forming with resistance near USD 30,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start some significant gains if there is a close above the $30,200 resistance.

Bitcoin Price Aims Higher

Bitcoin price followed a bearish path below the USD 30,200 pivot level. BTC even broke the USD 29,850 level and tested the USD 29,500 level. A low is formed near $29,500 and the price is now trying to rise again.

The price climbed above the $29,850 and $30,000 resistance levels. There was movement above the 50% Fib retracement level of the downward move from the $30,448 swing high to the $29,500 low. The price is now consolidating near $30,000.

Bitcoin price is still trading below USD 30,200 and the 100 simple hourly moving average. Immediate resistance is near the $30,080 level. A major bearish trendline is also forming with resistance close to USD 30,100 on the hourly chart of the BTC/USD pair.

The trendline is near the 61.8% Fib retracement level of the downward move from the $30,448 swing high to the $29,500 low. The first major resistance is near USD 30,200. A close above the USD 30,200 level could trigger a fresh increase.

Bitcoin price

Source: BTCUSD at TradingView.com

The next major resistance is near the USD 30,500 level. More gains could open the door for a move into the $31,000 resistance zone.

See also  Bitcoin Faces A Weekly Double Top; This Needs To Happen

Lose more in BTC?

If Bitcoin fails to clear the USD 30,200 resistance, it could decline further. Immediate support on the downside is near the $29,650 level.

The next key support is near the $29,500 level, below which the price could gain bearish momentum. In the said case, the price might decline towards the $29,200 support zone. Any more losses could send the price towards the $28,750 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 – $29,650, followed by $29,200.

Major resistance levels – $30,100, $30,200 and $30,500.

Source link

31K Bitcoin Bulls Increase Pushing
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