There is support near the $29,350 level of the Bitcoin Fund and there is a higher level of resistance against the US Dollar. BTC must clear the $31,000 resistance and the 100 hourly SMA to continue higher.
- Bitcoin started a recovery wave from the $29,350 area.
- The price is now trading below the $31,000 level and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $31,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- If there is no clear move above the $31,000 resistance, the pair could resume its decline.
The price of bitcoin is $30K. retrieves
Bitcoin price extended its decline below the $30,000 support area. However, downsides were limited below the $29,500 level. The price formed a base near $29,350 and started a recovery wave.
A move above the $30,000 resistance area. The price climbed above the 23.6% Fib retracement level of the recent decline from the $32,400 high to $29,328 low. It also rose above the $30,500 resistance area, but the bears were active near the $31,000 level.
Bitcoin price is now trading below the $31,000 level and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $31,000 on the hourly chart of the BTC/USD pair.
The trend line is near the 50% Fib retracement level of the recent decline from the $32,400 high to $29,328 low. An immediate upside resistance is near the $30,800 level. The next major resistance is near $31,000 and the 100 hourly simple moving average.
Source: BTCUSD on TradingView.com
A clear move above the $31,000 resistance could start another rise. In the specified case, the price is likely to rise towards the $32,000 resistance area. The next major resistance is near the $32,400 level.
Recent fall in BTC?
If bitcoin fails to clear the $31,000 resistance area, it could start another decline. On the downside, immediate support is near the $30,000 level.
The next major support is near the $29,350 level. A break below the $29,350 support is likely to lead to a sharp decline. In the specified case, the price may revisit the $28,250 support area.
Technical Indicators:
Hourly MACD – The MACD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.
Key Support Level – $30,000, followed by $29,350.
Key Resistance Levels – $30,800, $31,000, and $32,000.
