Bitcoin price moves higher above the $31,000 resistance. BTC could rally quickly if there is a close above the USD 31,400 resistance zone.
- Bitcoin is showing positive signs and it is trading above the USD 30,800 resistance zone.
- The price is trading above $30,850 and the 100 Simple hourly moving average.
- A major bullish trendline is forming with support near USD 30,920 on the BTC/USD pair hourly chart (Kraken data feed).
- The pair could accelerate higher if it breaks the $31,400 resistance zone.
Bitcoin price grinds higher
Bitcoin price remained stable and settled above the USD 30,500 support. BTC started a steady rise and it managed to climb above the USD 30,820 resistance zone.
The price even broke the $31,000 zone and retested the $31,400 resistance zone. A high is formed near $31,373 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level from its recent rise from the $30,192 swing low to the $31,373 high.
Bitcoin is now trading above $30,850 and the 100 simple hourly moving average. A major bullish trendline is also forming with support near USD 30,920 on the hourly chart of the BTC/USD pair.
Source: BTCUSD at TradingView.com
Immediate resistance is near the $31,350 level. The first major resistance is near the USD 31,400 level, above which the price could start another strong increase. The next major resistance is near the USD 32,000 level. An upside break above the USD 32,000 resistance could send BTC towards USD 32,500. More gains could open the door for a move into the $33,200 resistance zone.
Are dips limited in BTC?
If Bitcoin price fails to clear the $31,400 resistance, it could trigger a downside correction. Immediate support on the downside is near the $31,000 level.
The next key support is near the $30,920 level and trendline, below which could be a drop to the 50% Fib retracement level from the recent rise from the $30,192 swing low to the $31,373 high. Even more losses could send the price to the $30,550 zone or the 100 hours SMA in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is above the 50 level.
Major Support Levels – $31,000, followed by $30,920.
Major resistance levels – $31,350, $31,400 and $32,000.
