Bitcoin’s price is on the rise, surpassing the $30,000 resistance level. It’s exhibiting positive indications and has the potential for further gains, aiming for the $31,200 mark.
This ascent began when Bitcoin initiated a fresh uptrend, breaking through the resistance levels at $28,500 and $28,800. Presently, the price is trading above $30,000 and is supported by the 100-hourly Simple Moving Average. On the hourly chart for the BTC/USD pair (data source: Kraken), a significant bullish trend line is taking shape, offering support around the $30,000 level.
Given these factors, there’s a possibility that the pair could continue its upward movement, targeting the $31,200 resistance level.
Bitcoin’s Strong Support and Upside Momentum
Bitcoin’s price found solid support above the $27,500 level, initiating a steady climb that cleared various hurdles, including the $28,500 resistance zone.
Bullish momentum strengthened, leading to a breakthrough of the critical $30,000 resistance. A new multi-week high was achieved, reaching approximately $30,600, and now the price is consolidating these gains. Although there was a minor dip below the 23.6% Fibonacci retracement level of the upward move from the swing low at $29,715 to the high at $30,600.
Currently, Bitcoin is trading above $30,000 and is supported by the 100-hourly Simple Moving Average. On the BTC/USD pair’s hourly chart, a significant bullish trend line is taking shape, offering support at approximately $30,000. This trend line aligns closely with the 61.8% Fibonacci retracement level of the upward move from the swing low at $29,715 to the high at $30,600.
Source: BTCUSD on TradingView.com
In terms of resistance, the immediate hurdle is around $30,400, with the next significant resistance at $30,600. If the recent high is convincingly surpassed, it could propel the price towards the $31,200 resistance. Beyond that, the next noteworthy resistance point is at $32,000. Further gains might potentially steer BTC towards the $33,200 level in the sessions ahead.
Potential Bitcoin Price Correction
If Bitcoin struggles to surpass the resistance zone at $30,600, it could initiate a downward correction. The first line of support on the downside is around the $30,150 level.
Following that, a more significant support level can be found near $30,000 and the trend line. If the price slips below the support provided by the trend line, there’s a possibility of a decline towards the $29,500 level or the 100-hourly Simple Moving Average.
Technical Indicators
- Hourly MACD: The MACD indicator is now gaining momentum in the bullish zone.
- Hourly RSI (Relative Strength Index): The RSI for BTC/USD is currently above the 50 level.
Key Support and Resistance Levels
- Major Support Levels: $30,150, followed by $30,000.
- Major Resistance Levels:** $30,400, $30,600, and $31,200.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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