Bitcoin price is moving higher above the $30,500 level. BTC is showing signs of a fresh move toward the $31,000 resistance zone.
- Bitcoin is slowly moving higher above the $30,500 support zone.
- The price is trading above $30,400 and the 100 hourly Simple moving average.
- There is a key bullish trend line forming with support near $30,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise further toward the $31,000 resistance and then $31,400.
Bitcoin Price Holds Ground
Bitcoin price remained stable above the $30,000 support zone. A base was formed and BTC started a decent increase above the $30,200 level.
The price was able to spike a couple of times above the 50% Fib retracement level of the downward move from the $31,020 high to the $30,215 low. However, the bears seem to be active near the $30,700 resistance zone. There is also a key bullish trend line forming with support near $30,500 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading above $30,400 and the 100 hourly Simple moving average. Immediate resistance on the upside is seen near the $30,720 level. It is close to the 61.8% Fib retracement level of the downward move from the $31,020 high to the $30,215 low.
Source: BTCUSD on TradingView.com
The next resistance is near the $31,000 zone, above which the price could gain bullish momentum. In the stated case, BTC might rise toward the $31,400 resistance. The next major resistance is near the $32,000 level. Any more gains could open the doors for a move toward the $32,500 resistance zone.
Another Decline in BTC?
If Bitcoin’s price fails to clear the $30,700 resistance, it could start another decline. Immediate support on the downside is near the $30,500 level and the trend line.
The next major support is near the $30,300 level and the 100 hourly Simple moving average, below which there could be a drop toward the $30,000 support zone. Any more losses might send the price toward the $29,850 level 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 now above the 50 level.
Major Support Levels – $30,500, followed by $30,300.
Major Resistance Levels – $30,700, $31,000, and $31,400.
