Bitcoin price rises above $30,000. BTC is up more than 10% and it looks like the bulls are not done yet and may be targeting a move towards $32,000.
- Bitcoin is gaining speed above the USD 30,000 resistance.
- The price is trading above $29,500 and the 100 hourly simple moving average.
- A major bullish trendline is forming with support near USD 30,250 on the BTC/USD pair hourly chart (Kraken data feed).
- The pair could rise further if it breaches the USD 30,800 and USD 31,200 resistance levels.
Bitcoin price extends its rally
Bitcoin price started a major rally above the $28,500 resistance zone. BTC gained momentum and was able to clear the main $29,200 resistance zone. It is up more than 10% and there was a clear move above the USD 30,000 resistance.
It traded close to $30,800. A high is forming near USD 30,794 and the price recently saw a minor downside correction. There was a move below the $30,500 level. The price dipped below the 23.6% Fib retracement level of the recent wave from the $28,660 swing low to the $30,794 high.
Bitcoin price is now trading above $29,500 and the 100 simple hourly moving average. A major bullish trendline is also forming with support near USD 30,250 on the hourly chart of the BTC/USD pair.
Source: BTCUSD at TradingView.com
It is rising again and trading above the USD 30,000 level. On the upside, the price is facing resistance near the $30,300 level. The next major resistance is near the USD 30,800 level. An upside break above the $30,800 resistance could trigger another rise towards the $31,200 level. The next major resistance is near the USD 32,000 level, above which the bulls might send BTC towards the USD 32,500 resistance zone.
Dips Current Buying Opportunity in BTC?
If the price of Bitcoin fails to clear the $30,800 resistance, it could trigger a downside correction. Immediate support on the downside is near the $30,250 level and trendline.
The next major support is near the $29,750 level or the 50% Fib retracement level of the recent wave from the $28,660 swing low to the $30,794 high. The main support is now near $29,000, below which the price could drop towards the $28,500 support. Any more losses could send the price to $27,500 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 in the overbought zone.
Major Support Levels – $30,200, followed by $29,750.
Major resistance levels – $30,300, $30,800 and $31,200.