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Bitcoin Price Attempts To Follow XRP But This Resistance Is The Key

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

Bitcoin price started a fresh increase after XRP’s massive rally. BTC is trading above $31,400 and might rally if there is a close above $32,000.

  • Bitcoin is moving higher above the $31,000 and $31,400 resistance levels.
  • The price is trading above $31,000 and the 100 hourly Simple moving average.
  • There was a break above a key contracting triangle with resistance near $30,700 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 $32,000.

Bitcoin Price Starts Fresh Increase

Bitcoin price was able to clear the $30,500 resistance zone. BTC started a fresh increase after a court ruling in favor of Ripple, stating XRP is not a security. There was a break above the $30,650 resistance.

Besides, there was a break above a key contracting triangle with resistance near $30,700 on the hourly chart of the BTC/USD pair. The pair even climbed above the $31,400 resistance zone. A high is formed near $31,790 and the price is now consolidating gains.

It is trading near the 23.6% Fib retracement level of the recent increase from the $30,217 swing low to the $31,790 high. Bitcoin is now trading above $31,000 and the 100 hourly Simple moving average.

Bitcoin Price

Source: BTCUSD on TradingView.com

Immediate resistance is near the $31,600 level. The first major resistance is near $31,800, above which the price could gain bullish momentum. In the stated case, BTC might rise toward the $32,000 resistance. The next major resistance is near the $32,500 level. Any more gains could open the doors for a move toward the $33,200 resistance zone.

Are Dips Supported in BTC?

If Bitcoin fails to clear the $31,800 resistance, it could start a downside correction. Immediate support on the downside is near the $31,200 level.

The next major support is near the $31,000 level or the 50% Fib retracement level of the recent increase from the $30,217 swing low to the $31,790 high, below which there could be a drop toward the $30,800 support zone. Any more losses might send the price toward the $30,550 level in the near term.

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 now above the 50 level.

Major Support Levels – $31,200, followed by $31,000.

Major Resistance Levels – $31,650, $31,800, and $32,000.

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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