Bitcoin plunged to $25,000 against the US Dollar. BTC has been recovering, and may be able to break the $30,000 key resistance zone.
- Bitcoin reached support at $25,000, and began an upward correction.
- The 100-hourly moving average and price are still below $30,000
- A major bearish trendline is emerging with resistance close to $30,000 in the hourly BTC/USD chart (data feed Kraken).
- To move to a positive area and start a true recovery, the pair will need to clear $30,000
Bitcoin price starts to recover
Bitcoin prices remained below the $30,000 support level in a bearish zone. BTC continued its slide and traded below $28,000.
A spike was seen below $26,000, and the price dropped to $25.332, a multi-month high. After a solid base of $25,000 was established, the price began an upward movement. The price moved clear above the resistances of $26,500, $27,500, and $27,000.
It rose above 50% Fib Retracement of the decline from $32,130 swing high, to $253,332 low. The price is currently trading under $30,000 as well as the 100 hourly simple moving mean.
A major bearish trend line is also in place with resistance at $30,000 near the hourly BTC/USD chart. Near the $30,000.00 zone is the next significant resistance. The 100 hourly simple moving mean is also nearby. It’s near the 76.4% Fib level of the decline from the $32,130 swing low to the $25,332 high.
Source: BTCUSD from TradingView.com
Clear moves above the $30,500 and $30,000 resistance levels may signal an increase. Next, the key resistance level could be at the $31,500 mark. If the price rises above that point it might reach $32,000.
BTC – A New Decline
Bitcoin could begin a new decline if it fails to break the $30,000 resistance level. Support for the downside lies near $28,800.
Near the $27.650 support level is the next major support. Losses could be accelerated by a downside breakout and a close below $27,650. Below that, the bears could aim for the $25,000.500 support zone.
Indicators technical
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $28,200, followed by $27,650.
Major Resistance Levels – $30,000, $30,500 and $31,500.