Bitcoin price is holding the key $30,000 support zone. BTC must settle above USD 31,000 and USD 31,400 to start a fresh increase in the near term.
- Bitcoin is showing a few positive signs above the USD 30,000 support zone.
- The price is trading above $30,200 and the 100 Simple hourly moving average.
- A short term bullish trendline is forming with support near USD 30,400 on the BTC/USD pair hourly chart (Kraken data feed).
- The pair could gain bullish momentum if there is a close above $31,200.
Bitcoin price is stable above $30,000
Bitcoin price started falling again below the USD 30,500 support zone. However, the bulls were active again above the $30,000 support zone. BTC stayed within a range and made another attempt to clear $31,000 but failed.
The recent low was formed near USD 30,214 and the price is now moving higher. There was a move above the 23.6% Fib retracement level from the recent drop from the $31,020 high to the $30,214 low. A short term bullish trendline is also forming with support near USD 30,400 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading above USD 30,200 and the 100 Simple hourly moving average. The bulls are now facing resistance near the $30,600 level.
The next resistance is near the $30,700 zone. It is close to the 61.8% Fib retracement level of the recent drop from the $31,020 high to the $30,214 low, above which the price could test $31,000 again. To start a steady rise, the price must settle above $31,000.
Source: BTCUSD at TradingView.com
The next major resistance is near the USD 31,400 level. More gains could open the door for a move into the $32,000 resistance zone.
Lose more 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 $30,200 level and trendline.
The next major support is near the USD 30,000 level, below which there could be a decline towards USD 29,850. More losses could send the price towards the $29,400 level.
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 – $30,200, followed by $30,000.
Major resistance levels – $30,700, $31,000 and $31,400.
