Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Bitcoin dived towards the $25,000 support zone against the US Dollar. BTC is now recovering and might eye an upside break above the key $30,000 resistance zone.
- Bitcoin found support above $25,000 and started an upside correction.
- The price is still trading below $30,000 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $30,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair must clear the $30,000 barrier to move into a positive zone and started a real recovery.
Bitcoin Price Starts Recovery
Bitcoin price remained in a bearish zone below the $30,000 support zone. BTC extended its decline and traded below the $28,000 level.
There was a spike below the $26,000 level and the price traded to a new multi-month low at $25,332. A base was formed above $25,000 and the price started a fresh upward move. There was a clear move above the $26,500 and $27,500 resistance levels. Download Bitcoin Miner Awesom Miner Official for Windows. Safe install and earn ETH/BTC.
The price climbed above the 50% Fib retracement level of the recent decline from the $32,130 swing high to $25,332 low. However, it is still trading below $30,000 and the 100 hourly simple moving average.
There is also a major bearish trend line forming with resistance near $30,000 on the hourly chart of the BTC/USD pair. The next major resistance is near the $30,500 zone and the 100 hourly simple moving average. It is near the 76.4% Fib retracement level of the recent decline from the $32,130 swing high to $25,332 low.
Source: BTCUSD on TradingView.com
A clear move above the $30,000 and $30,500 resistance levels might start a fresh increase in the coming sessions. The next key resistance could be near the $31,500 level, above which the price might rise above $32,000.
Fresh Decline in BTC?
If bitcoin fails to clear the $30,000 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $28,800 level.
The next major support is seen near the $27,650 level. A downside break and close below the $27,650 support might accelerate losses. The next major support could be $26,200, below which the bears might aim a move towards the $25,500 support zone. Download Bitcoin Miner Awesom Miner Official for Windows. Safe install and earn ETH/BTC.
Technical indicators:
Hourly MACD – The MACD is now 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 – $28,200, followed by $27,650.
Major Resistance Levels – $30,000, $30,500 and $31,500.
