TA: Bitcoin Bulls Protecting $30K, Why BTC Could Correct above $32K

Aayush Jindal

Last Updated: June 11, 2024 9:32 am

2 mins read

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Bitcoin price extended its decline below $31,000 and $30,000 against the US Dollar. BTC is correcting higher and it seems like the bulls are aiming a break above $32,000.

Bitcoin declined below the $32,000 support level and revisited the $29,250 zone.
The price is currently recovering above $30,000, but it is well below the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $31,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could correct towards $32,000 or $32,800 if it clears the trend line resistance.

Bitcoin Price Is Attempting Strong Recovery

As discussed yesterday, bitcoin price did extend its decline and traded below the $32,000 support. BTC even broke the $31,000 level and settled below the 100 hourly simple moving average.

There was a clear break below the $30,000 support zone and the price tested $28,250. A low is formed near $29,271 and the price is currently correcting higher. It surpassed the $30,000 and $30,200 resistance levels.

There was a break above the 23.6% Fib retracement level of the downward wave from the $34,915 high to $29,271 low. However, the price is now facing resistance near $31,200 and $31,300. There is also a key bearish trend line forming with resistance near $31,350 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

If there is a clear break above the trend line resistance, bitcoin price could recover towards the $32,000 resistance. The 50% Fib retracement level of the downward wave from the $34,915 high to $29,271 low is also near the $32,000 level along with the 100 hourly SMA.

A successful break above the $32,000 resistance and the 100 hourly SMA could open the doors for a strong increase. The next major resistance is near the $32,800 and $33,000 levels.

Fresh Dip in BTC?

If bitcoin fails to clear the $31,300 resistance or $32,000, it could start a fresh decline. An initial support is near the channel support at $30,000.

The main support is now forming near the $29,250 zone. A clear break below the $29,250 support zone could open the doors for a larger decline towards $28K.

Technical indicators:

Hourly MACD – The MACD is slowly 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 – $30,400, followed by $30,000.

Major Resistance Levels – $31,300, $32,000 and $32,800.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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