Bitcoin Fund Support near $29350, and recovered higher against USD Dollar. To continue climbing, BTC needs to clear the $31,000 resistance level and 100-hourly SMA.
- Bitcoin has started to recover from its $29,350 level.
- The price currently trades below the $31,000 mark and the 100 hourly simple moving mean.
- On the hourly chart for the BTC/USD pair, there is a significant bearish trend line with resistance at $31,000 (data feed Kraken).
- If the resistance of $31,000 is not broken, then the pair may resume its fall.
Bitcoin Price Reclaims $30K
Bitcoin’s price continued its slide below the $30,000 resistance zone. But, the downsides to Bitcoin were minimal below the $29,000. It established a strong base at $29 350 and began a rebound wave.
The price moved above the $30,000 resistance level. Price climbed to 23.6% Fib resistance level. This is where the price fell from the $32,400 swing high, $29,000.328 low. The price even climbed above $30,500, although the bears were still active at the $31,000 mark.
Bitcoin prices are currently trading at below $31,000 and the 100-hourly simple moving average. On the hourly chart for the BTC/USD pair, there is a significant bearish trend line with resistance at $31,000.
This trend line is very close to the 50% Fib level of the decline from the $32,400 swing low to $29,328 high. The $30,800 mark is the immediate resistance. Next is the close to the $31,000 level and the 100-hourly simple moving average.
Source: BTCUSD from TradingView.com
Another increase could be initiated if the price moves above $31,000. The price may rise to the $32,000 level in the above scenario. Near the $32,400 mark is the next significant resistance.
BTC – A New Decline
It could also begin another fall if bitcoin does not clear the $31,000 barrier. The $30,000 level is a support area for the downside.
Next major support will be at the $29350 level. An eventual fall below $29,350 could trigger a rapid decline. The price may retest the $28,250 support area in the above scenario.
Technical indicators
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.
Major Support Levels – $30,000, followed by $29,350.
Major Resistance Levels – $30,800, $31,000 and $32,000.
