Bitcoin Price Is Forming Key Trend And Swift Rally Could Occur

Aayush Jindal

1 year ago

2 mins read

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Bitcoin price is moving higher above the $31,000 resistance. BTC could soon rally if there is a close above the $31,400 resistance zone.

Bitcoin is showing positive signs and trading above the $30,800 resistance zone.
The price is trading above $30,850 and the 100 hourly Simple moving average.
There is a major bullish trend line forming with support near $30,920 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could accelerate higher if it clears the $31,400 resistance zone.

Bitcoin Price Grinds Higher

Bitcoin price remained stable and settled above the $30,500 support. BTC started a steady increase and was able to climb above the $30,820 resistance zone.

The price even broke the $31,000 zone and retested the $31,400 resistance zone. A high is formed near $31,373 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the recent increase from the $30,192 swing low to the $31,373 high.

Bitcoin is now trading above $30,850 and the 100 hourly Simple moving average. There is also a major bullish trend line forming with support near $30,920 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

Immediate resistance is near the $31,350 level. The first major resistance is near the $31,400 level, above which the price might start another strong increase. The next major resistance is near the $32,000 level. An upside break above the $32,000 resistance might send BTC toward $32,500. Any more gains could open the doors for a move toward the $33,200 resistance zone.

Are Dips Limited in BTC?

If Bitcoin’s price fails to clear the $31,400 resistance, it could start a downside correction. Immediate support on the downside is near the $31,000 level.

The next major support is near the $30,920 level and the trend line, below which there could be a drop toward the 50% Fib retracement level of the recent increase from the $30,192 swing low to the $31,373 high. Any more losses might send the price toward the $30,550 zone or the 100 hourly SMA 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 above the 50 level.

Major Support Levels – $31,000, followed by $30,920.

Major Resistance Levels – $31,350, $31,400, and $32,000.

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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