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Bitcoin Price Aims Fresh Increase To $31K, This Support Is The Key

Aayush Jindal by Aayush Jindal
2 months ago
in BTC
Reading Time: 2 mins read

Bitcoin price failed to surpass $31,800 and corrected most of its gains. BTC is now attempting a fresh increase from the $29,950 support zone.

  • Bitcoin is consolidating losses above the $30,000 support zone.
  • The price is trading below $30,500 and the 100 hourly Simple moving average.
  • There is a key bearish trend line forming with resistance near $30,320 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could gain bullish momentum if there is a close above $30,400.

Bitcoin Price Holds Key Support

Bitcoin price rallied above the $31,400 resistance but there was no follow-up move. BTC struggled to clear the $31,800 level and stayed below $32,000.

A high was formed near $31,790 before there was a sharp decline. There was a move below the $31,000 and $30,400 levels. The price even spiked below $30,000. A low is formed near $29,950 and the price is now consolidating losses.

Bitcoin is now trading below $30,500 and the 100 hourly Simple moving average. There is also a key bearish trend line forming with resistance near $30,320 on the hourly chart of the BTC/USD pair.

Immediate resistance is near the $30,300 level and the trend line. The first major resistance is near $30,400. It is near the 23.6% Fib retracement level of the downward move from the $31,790 swing high to the $29,950 low, above which the price could gain bullish momentum.

Bitcoin Price

Source: BTCUSD on TradingView.com

In the stated case, BTC might rise toward the $30,850 resistance. It is close to the 50% Fib retracement level of the downward move from the $31,790 swing high to the $29,950 low. The next major resistance is near the $31,150 level. Any more gains could open the doors for a move toward the $31,80 resistance zone.

More Losses in BTC?

If Bitcoin fails to clear the $30,380 resistance, it could start a downside correction. Immediate support on the downside is near the $30,200 level.

The next major support is near the $30,000 level, below which there could be a drop toward the $29,750 support zone. Any more losses might send the price toward the $29,350 level in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.

Major Support Levels – $30,200, followed by $30,000.

Major Resistance Levels – $30,380, $30,850, and $31,150.

Tags: bitcoinbitcoin pricebtcusdBTCUSDTxbtusd
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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