Bitcoin price is rapidly gaining above the USD 30,000 resistance. BTC is showing positive signs and could rise further towards the USD 31,200 level.
- Bitcoin started a new rise above the USD 28,500 and USD 28,800 resistance levels.
- The price is trading above $30,000 and the 100 hourly Simple Moving Average.
- A major bullish trendline is forming with support near $30,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise towards the $31,200 resistance level.
Bitcoin price regains strength
Bitcoin price formed a support base above the USD 27,500 level. BTC started a steady rise and overcame a few hurdles near the USD 28,500 resistance zone.
The bulls gained strength and managed to push the price above the USD 30,000 resistance zone. A new multi-week high is being formed near USD 30,600 and the price is now consolidating gains. There was a small decline below the 23.6% Fib retracement level of the upward move from the $29,715 swing low to the $30,600 high.
Bitcoin is now trading above $30,000 and the 100 hourly Simple Moving Average. A major bullish trendline is also forming with support near $30,000 on the hourly chart of the BTC/USD pair. The trendline is close to the 61.8% Fib retracement level of the upward move from the $29,715 swing low to the $30,600 high.
Source: BTCUSD on TradingView.com
On the upside, immediate resistance is around the $30,400 level. The next major resistance could be near USD 30,600. A clear move above the recent high could send the price towards the USD 31,200 resistance. The next major resistance could be at USD 32,000. Any further gains could send BTC towards the $33,200 level in the coming sessions.
Are dips limited in BTC?
If Bitcoin fails to rise above the USD 30,600 resistance zone, a downward correction could occur. The immediate downside support is near the $30,150 level.
The next major support is near the $30,000 level and trendline. If there is a move below the trendline support, the price might drop towards the $29,500 level or the 100 hourly Simple Moving Average.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 30,150, followed by USD 30,000.
Major resistance levels – $30,400, $30,600 and $31,200.
