Bitcoin price corrected gains and retested the $30,650 support. BTC could start a fresh increase if it stays above the $30,000 support zone.
- Bitcoin holds gains above the $30,650 support zone.
- The price is above $30,700 and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support near $30,700 on the hourly chart of the BTC/USD pair (data feed by Kraken).
- The pair could start a fresh increase if it stays above the $30,650 support zone.
Bitcoin price remains stable
Bitcoin price struggled to clear the key $31,400 resistance zone. BTC started a downside correction below the $31,000 and $30,800 levels.
The price fell below the 50% Fib retracement level of the bullish move from the swing low of $30,192 to the high of $31,372. However, the bulls have been active near the $30,650 support zone and the 100 hourly simple moving average.
Bitcoin also tested the 61.8% Fibonacci retracement level of the bullish move from the $30,192 swing low to $31,372 high. The trading price is currently above $30,700 and the 100 hourly simple moving average.
There is also a key bullish trend line forming with support near $30,700 on the hourly chart of the BTC/USD pair. Immediate resistance is near $31,050. The first major resistance is near the $31,250 level, above which the price might start increasing towards $31,400.
Source: BTCUSD on TradingView.com
A close above the $31,400 resistance level could trigger another strong rise. The next major resistance is near the $32,000 level. Further gains could open the door for a move towards the $32,500 resistance zone.
More BTC losses?
If bitcoin price fails to clear the $31,050 resistance, it might fall further. Immediate support on the downside is near $30,650 and the trend line and the 100 hourly simple moving average.
The next major support is near $30,470, below which a drop towards $30,200 might occur. Further losses could propel the price towards the $30,000 zone, below which there is a risk of a larger decline.
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 below the 50 level.
Major support levels – $30,650 followed by $30,200.
Major resistance levels – $31,050, $31,400 and $32,000.
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