Bitcoin Price Consolidates Gains As Risk of Pullback Increase

Aayush Jindal

1 year ago

2 mins read

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Bitcoin price is consolidating gains above the $30,000 zone. BTC is showing a few signs of a downside correction below the $30,000 level.

Bitcoin attempted a fresh increase and spiked above the $30,450 resistance zone.
The price is trading above $30,000 and the 100 hourly Simple moving average.
There is a key rising channel forming with support near $30,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a downside correction if there is a close below the $30,000 support.

Bitcoin Price Struggles

Bitcoin price remained strong above the $30,000 pivot level. BTC attempted another increase above the $30,200 and $30,250 levels. However, the bears were active near the $30,500 resistance zone.

A high was formed near $30,577 and the price started a consolidation phase. There are clear signs of trend exhaustion above the $30,000 level. It is still trading well above $30,000 and the 100 hourly Simple moving average.

Besides, there is a key rising channel forming with support near $30,000 on the hourly chart of the BTC/USD pair. The channel support is near the 23.6% Fib retracement level of the upward move from the $28,200 swing low to the $30,577 high.

Source: BTCUSD on TradingView.com

Immediate resistance is near the $30,250 level. The next major resistance is near the $30,500 zone. A close above the $30,500 resistance might start a fresh increase. In the stated case, the price may perhaps rise toward the $31,200 level. The next key resistance is near the $32,000 level, above which the bulls might aim for a move toward the $33,500 level.

Downside Break in BTC?

If Bitcoin’s price fails to clear the $30,500 resistance, it could start a downside correction. Immediate support on the downside is near the $30,000 level.

The next major support is near the $29,400 zone and the 50% Fib retracement level of the upward move from the $28,200 swing low to the $30,577 high. A downside break and close below the $29,400 support might push the price back toward $28,800 or the 100 hourly Simple moving average. Any more losses might call for a drop toward the $28,200 support zone.

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 near the 50 level.

Major Support Levels – $30,000, followed by $29,400.

Major Resistance Levels – $30,250, $30,500, and $31,200.

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.

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