Bitcoin price moves higher above the $30,500 resistance. BTC is showing positive signs and it could aim for a new high above the USD 31,400 level.
- Bitcoin is already limiting its losses and trading above the USD 30,500 resistance zone.
- The price is trading above USD 30,500 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 gain bullish momentum if it breaks the USD 31,000 resistance zone.
Bitcoin price is gaining momentum
Bitcoin price fell sharply below the USD 30,500 support. BTC even peaked below $29,500 before the bulls appeared. A low is forming near USD 29,375 and the price is now rising.
It is above the $30,200 resistance level again. There was a pause above the 50% Fib retracement level of the downward move from the $31,276 swing high to the $29,375 low. There was also a move above the $30,500 resistance zone.
Bitcoin is trading above USD 30,500 and the 100 simple hourly moving average. A major bullish trendline is also forming with support near USD 30,500 on the hourly chart of the BTC/USD pair.
Immediate resistance is near the $30,820 level. It is close to the 76.4% Fib retracement level of the downward move from the $31,276 swing high to the $29,375 low. The first major resistance is near the USD 31,000 level, above which the bullish momentum from the price increase.
Source: BTCUSD at TradingView.com
The next major resistance is near the USD 31,250 level. An upside break above the USD 31,250 resistance could send BTC towards USD 32,000. Any further gains could open the door for a move towards the $32,500 resistance zone.
New Decline in BTC?
If the price of Bitcoin fails to clear the $30,820 resistance, it could trigger another decline. Immediate support on the downside is near the $30,550 level and trendline.
The next major support is near the $30,200 level, below which there could be a drop to the $29,950 support. Any more losses could send the price towards the $29,550 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 – $30,500 followed by $30,200.
Major resistance levels – $30,820, $31,000 and $31,250.
