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:
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.
