Bitcoin was strong against the US Dollar, above and beyond the $29,000.500 support. BTC may see major increases if it moves beyond the $31,500 resistance.
- Bitcoin began a fresh rise from the $29,000.500 support area.
- The price has traded at or above the $30,000 mark and the 100-hourly simple moving mean.
- On the hourly chart for the BTC/USD pair, there is a bearish trend line that forms with resistance at $31,400 (data feed Kraken).
- A clear break above $31,500 could signal a major uptrend.
Bitcoin Price Reverses Losses
The Bitcoin price was well above $29,000. Near $29,000. A new low was established and Bitcoin price began to rise. The price moved above the $30,000 resistance area.
The bulls succeeded in pushing the price up to the $30,000.00 level. It also soared past the $31,000 threshold and tested the $31,500 support zone. The price has been consolidating its gains and has reached a high of $31,550.
The 23.6% Fib level of the increase from $29,200 low to $31,550 high has been tested. It is currently nearing the $31,400 threshold for upside resistance.
A key bearish trendline is also in place with resistance close to $31,400. This can be seen on the hourly charts of BTC/USD. At the $31,500 resistance level, there is the initial major resistance. Clear moves higher than the $31,500 resistance could push the price even further.
Source: BTCUSD from TradingView.com
32,000 might prove to be the next significant resistance. Bitcoin price may rise to $33,200 if there are more gains.
BTC’s Latest Decline
It could fall further if bitcoin does not clear the $31,500 barrier. The $30,850 level is a support area for the downside.
Near the $30,175 support level is the next significant support. This is close to the 50% Fib level of the increase from $29,200 low to $31,550 high. Another decline could result from a negative break below the $30.175 support. The price may plunge towards the $29,000.50 support zone within the next few days.
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 – $30,850, followed by $30,175.
Major Resistance Levels – $31,400, $31,500 and $32,200.