Bitcoin price is moving higher above the $30,500 level. BTC is showing signs of a fresh move towards the $31,000 resistance area.
- Bitcoin is slowly moving higher above the $30,500 support area.
- The price is trading above $30,400 and the 100 hourly simple moving average.
- There is a major 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 towards the $31,000 resistance, then $31,400.
Bitcoin price is fixed
Bitcoin price remained stable above the $30,000 support area. A base was formed and BTC started a decent increase above the $30,200 level.
The price was able to climb a few times above the 50% Fibonacci retracement level of the downside move from the high of $31,020 to the low of $30,215. However, bears seem to be active near the $30,700 resistance area. There is also a major 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. The immediate resistance is seen on the upside near the $30,720 level. It is close to the 61.8% Fibonacci retracement level of the downside move from $31,020 to the low of $30,215.
source: BTCUSD on TradingView.com
The next resistance is near the $31,000 area, above which the price could gain bullish momentum. In the mentioned case, BTC may rise towards the $31,400 resistance. The next major resistance is near the $32,000 level. Any further gains could open the doors for a move towards the $32,500 resistance area.
Another drop in bitcoin?
If bitcoin price fails to clear the $30,700 resistance, it may start to decline again. There is immediate support on the downside 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, which could be a drop towards the $30,000 support area. Any further losses could send the price towards $29,850 in the near term.
Technical indicators:
Hourly MACD – The MACD is gaining pace now in the bullish zone.
Hourly RSI (Relative Strength Index) – The relative strength index 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, $31,400.