Bitcoin price still faces a major hurdle near $31,000. BTC could correct below USD 29,800 if it stays below USD 31,000 for a long time.
- Bitcoin is still consolidating below the $31,000 resistance zone.
- The price is trading below $30,500 and the 100 simple hourly moving average.
- A major bearish channel is forming with resistance near USD 30,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct lower towards $29,550 support or even $29,000.
Bitcoin price stuck in a range
Bitcoin price remained in a wide range below the USD 31,000 resistance zone. BTC made another attempt to gain momentum above the USD 31,000 resistance, but it failed.
A high was formed near $31,008 before another drop. There was movement below the $30,500 level but the bulls were active above the $29,800 zone. A low is forming near USD 29,834 and the price is now trading within a range.
It is trading near the 23.6% Fib retracement level from the recent drop from the $31,008 swing high to the $29,834 low. Bitcoin price is now trading below USD 30,500 and the 100 Simple hourly moving average. A major bearish channel is also forming with resistance near USD 30,200 on the hourly chart of the BTC/USD pair.
Immediate resistance is near the $30,200 level. The first major resistance is near the USD 30,420 level or the 100 simple hourly moving average. It is close to the 50% Fib retracement level of the recent drop from the $31,008 swing high to the $29,834 low, above which the price could revisit the $31,000 resistance zone.
Source: BTCUSD at TradingView.com
An upside break above the USD 31,000 resistance could send BTC towards USD 31,500. Any further gains could open the door for a move towards the $32,200 resistance zone.
Lose more in BTC?
If the price of Bitcoin fails to clear the $30,420 resistance, it could fall further. Immediate downside support is near the $30,000 level.
The next major support is near the $29,850 level, below which there could be a drop towards the $29,550 support. Any more losses could send the price into the $29,000 zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is below the 50 level.
Major Support Levels – $30,000, followed by $29,550.
Major resistance levels – $30,200, $30,420 and $31,000.
