Bitcoin price is still struggling to clear the $31,000 resistance. BTC is showing strength and it could soon rise towards the USD 32,000 resistance.
- Bitcoin is trading in a range below the USD 31,000 resistance zone.
- The price is trading above $30,400 and the 100 Simple hourly moving average.
- There was a break above a major bearish channel with resistance near USD 30,210 on the hourly chart of the BTC/USD pair (Kraken data feed).
- The pair could gain bullish momentum if it breaks the USD 30,750 resistance zone.
Bitcoin Price Aims Higher
Bitcoin price corrected lower below the $30,500 support zone. BTC even spiked below the USD 30,000 level, but downsides were limited. A low is formed near USD 29,834 and the price is rising again.
There was a move above the $30,000 and $30,200 resistance levels. The price climbed above the 50% Fib retracement level of the downward move from the $31,008 swing high to the $29,834 low. In addition, there was a break above a key bearish channel with resistance near USD 30,210 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. It is also trading above the $30,550 pivot level. Immediate resistance is near the $30,750 level. It is close to the 76.4% Fib retracement level of the downward move from the $31,008 swing high to the $29,834 low.
Source: BTCUSD at TradingView.com
The first major resistance is near the USD 31,000 level, above which the bullish momentum from the price increase. The next major resistance is near the USD 31,450 level. An upside break above the USD 31,450 resistance could send BTC towards USD 32,000. More gains could open the door for a move into the $32,500 resistance zone.
Another dip in BTC?
If the price of Bitcoin fails to clear the $30,750 resistance, it could trigger another decline. Immediate support on the downside is near the $30,420 level and the 100 simple hourly moving average.
The next major support is near the $30,000 level, below which there could be a drop towards the $29,550 support. Any more losses could send the price into the $29,000 zone 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 above the 50 level.
Major Support Levels – $30,420 followed by $30,000.
Major resistance levels – $30,750, $31,000 and $31,450.
