Bitcoin Price Remains Supported, $30.8K Holds The Key
Bitcoin remained in a positive zone above $31,200. BTC could correct lower, but the bulls might remain active near $30,800.
Bitcoin price extended increase above the $31,000 zone. It even broke the $32,000 resistance on a couple of occasions, but the bears protected more gains above $32,200.
The recent swing high was formed near $32,400 before the price started a downside correction. There was a move below the $32,000 level. It is now testing the $31,800 zone. There is also a key bullish trend line forming with support near $31,800 on the hourly chart of the BTC/USDT pair. Bitcoin is also well above the $31,200 level and the 100 hourly simple moving average.
An immediate resistance on the upside is near the $32,000 level. The next major resistance is near the $32,200 and $32,400 levels. A clear move above the $32,400 resistance level could start another increase. In the stated case, the price could rise towards the $32,500 resistance. The next major resistance sits near the $33,400 level.
If bitcoin fails to clear the $32,400 resistance zone, it could start a downside correction. An immediate support on the downside is near the $31,800 level and the trend line. A downside break below the trend line could send the price towards the $30,800 support. The 50% Fib retracement level of the upward move from the $29,085 swing low to $32,400 high is also near the $30,800 level. Any more gains might open the doors for a move towards the $30,000 support.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is moving near the 50 level.
Major Support Levels – $31,800, followed by $30,800.
Major Resistance Levels – $32,000, $32,200 and $32,400.
DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Bitcoin price extended increase above the $31,000 zone. It even broke the $32,000 resistance on a couple of occasions, but the bears protected more gains above $32,200.
The recent swing high was formed near $32,400 before the price started a downside correction. There was a move below the $32,000 level. It is now testing the $31,800 zone. There is also a key bullish trend line forming with support near $31,800 on the hourly chart of the BTC/USDT pair. Bitcoin is also well above the $31,200 level and the 100 hourly simple moving average.
An immediate resistance on the upside is near the $32,000 level. The next major resistance is near the $32,200 and $32,400 levels. A clear move above the $32,400 resistance level could start another increase. In the stated case, the price could rise towards the $32,500 resistance. The next major resistance sits near the $33,400 level.
If bitcoin fails to clear the $32,400 resistance zone, it could start a downside correction. An immediate support on the downside is near the $31,800 level and the trend line. A downside break below the trend line could send the price towards the $30,800 support. The 50% Fib retracement level of the upward move from the $29,085 swing low to $32,400 high is also near the $30,800 level. Any more gains might open the doors for a move towards the $30,000 support.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is moving near the 50 level.
Major Support Levels – $31,800, followed by $30,800.
Major Resistance Levels – $32,000, $32,200 and $32,400.
DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.
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