The price of Bitcoin started to rise again after the huge rally of XRP. BTC is trading above USD 31,400 and it could rise if there is a close above USD 32,000.
- Bitcoin is moving higher above the USD 31,000 and USD 31,400 resistance levels.
- The price is trading above USD 31,000 and the 100 Simple hourly moving average.
- There was a break above a major contraction triangle with resistance near USD 30,700 on the BTC/USD pair hourly chart (Kraken data feed).
- The pair could gain bullish momentum if there is a close above $32,000.
Bitcoin Price Starts New Rise
Bitcoin price was able to clear the $30,500 resistance zone. BTC began another hike after a court ruling in favor of Ripple declared that XRP is not a security. There was a break above the $30,650 resistance.
In addition, there was a break above a major contraction triangle with resistance near USD 30,700 on the hourly chart of the BTC/USD pair. The pair even climbed above the $31,400 resistance zone. A high is forming near $31,790 and the price is now consolidating gains.
It is trading near the 23.6% Fib retracement level of its recent rise from the $30,217 swing low to the $31,790 high. Bitcoin is now trading above $31,000 and the 100 simple hourly moving average.
Source: BTCUSD at TradingView.com
Immediate resistance is near the $31,600 level. The first major resistance is near USD 31,800, above which the price could gain bullish momentum. In the said case, BTC could rise towards the USD 32,000 resistance. The next major resistance is near the USD 32,500 level. More gains could open the door for a move into the $33,200 resistance zone.
Are dips supported in BTC?
If Bitcoin fails to clear the $31,800 resistance, it could start a downside correction. Immediate support on the downside is near the $31,200 level.
The next major support is near the $31,000 level or the 50% Fib retracement level of the recent rise from the $30,217 swing low to the $31,790 high, below which there could be a drop towards the $ 30,800 support zone. Any more losses could send the price towards the $30,550 level 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 now above the 50 level.
Major Support Levels – $31,200, followed by $31,000.
Major resistance levels – $31,650, $31,800 and $32,000.