Bitcoin remains in the positive zone above $ 31,200 against the US Dollar. BTC may correct lower, but the bull could remain active near $ 30,800.
- Bitcoin is showing positive signs above the $ 30,500 and $ 31,000 resistance levels.
- The price is currently trading above the $ 31,200 level and is a 100-hour moving average.
- There is a key bullish trend line formed with support near $ 31,800 on the hourly chart of the BTC / USD pair (data feed from Kraken).
- The pair was able to correct lower and test the $ 31,000 and $ 30,800 support levels.
Bitcoin Price Faces Key Resistance
buy Bitcoin add complete above the $ 31,000 zone. It even broke the $ 32,000 resistance on a couple of occasions, but the bears protected further gains above $ 32,200.
This new high swing formed near $ 32,400 before the price started a downside correction. There is a move below the $ 32,000 level. The price corrected and tested the 23.6% Fib retracement level of the upward move from the $ 29,085 swing to the $ 32,400 high.
They are currently testing the $ 31,800 zone. There is also a key bullish trend line formed with support near $ 31,800 on the hourly chart of the BTC / USD pair. Bitcoin is also above the $ 31,200 level and 100 moving average per hour.
Source: BTCUSD on TradingView.com
Direct resistance is on the rise 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 rise. In that case, the price could rise to the $ 32,500 resistance. The next major resistance is located near the $ 33,400 level.
Dips Supported in BTC?
If bitcoin fails to clear the $ 32,400 resistance zone, it could start a downward correction. Direct support at the bottom is near the $ 31,800 level and the trend line. A downside break below the trend line could send the price to $ 30,800 support.
The 50% Fib retracement level of the upward move from the $ 29,085 swing to the $ 32,400 high is also close to the $ 30,800 level. Other benefits could open the door to go to $ 30,000 support.
Technical indicators:
Hourly MACD – MACD is currently missing in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is moving lower to the 50 level.
Key Support Level – $ 31,800, followed by $ 30,800.
Main Resistance Levels – $ 32,000, $ 32,200 and $ 32,400.
