BTC / USD
16,924.53
0.51%
(+85.25)
ETH / USD
1,250.05
1.31%
(+16.19)
XRP / USD
0.39
1.73%
(+0.01)
LTC / USD
76.38
0.47%
(-0.36)
EOS / USD
0.99
1.1%
(-0.01)
BCH / USD
110.28
0.92%
(+1)
ADA / USD
0.31
0.35%
(0)
XLM / USD
0.09
0.48%
(0)
NEO / USD
7.01
2.08%
(+0.14)
XEM / USD
0.03
0.12%
(0)
DASH / USD
44.50
0.93%
(-0.42)
USDT / USD
1.00
0%
(0)
BNB / USD
286.75
1.16%
(+3.28)
QTUM / USD
2.13
0.28%
(-0.01)
XVG / USD
0.00
1.49%
(-0)
ONT / USD
0.18
0.22%
(0)
ZEC / USD
44.05
1.1%
(-0.49)
STEEM / USD
0.17
1.19%
(0)

Bitcoin Price Remains Supported, $30.8K Holds The Key

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Bitcoin remained in a positive zone above $31,200 against the US Dollar. BTC could correct lower, but the bulls might remain active near $30,800.

  • Bitcoin is showing positive signs above the $30,500 and $31,000 resistance levels.
  • The price is now trading above the $31,200 level and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $31,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct lower and test the $31,000 and $30,800 support levels.

Bitcoin Price Faces Key Resistance

Bitcoin price extended increase above the $31,000 zone. It even broke the $32,000 resistance on a couple of occasions, but the bears protected more gains above $32,200.

The recent swing high was formed near $32,400 before the price started a downside correction. There was a move below the $32,000 level. The price corrected and tested the 23.6% Fib retracement level of the upward move from the $29,085 swing low to $32,400 high.

It is now testing the $31,800 zone. There is also a key bullish trend line forming with support near $31,800 on the hourly chart of the BTC/USD pair. Bitcoin is also well above the $31,200 level and the 100 hourly simple moving average.

Source: BTCUSD on TradingView.com

An immediate resistance on the upside is near the $32,000 level. The next major resistance is near the $32,200 and $32,400 levels. A clear move above the $32,400 resistance level could start another increase. In the stated case, the price could rise towards the $32,500 resistance. The next major resistance sits near the $33,400 level.

Dips Supported in BTC?

If bitcoin fails to clear the $32,400 resistance zone, it could start a downside correction. An immediate support on the downside is near the $31,800 level and the trend line. A downside break below the trend line could send the price towards the $30,800 support.

The 50% Fib retracement level of the upward move from the $29,085 swing low to $32,400 high is also near the $30,800 level. Any more gains might open the doors for a move towards the $30,000 support.

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 moving lower towards the 50 level.

Major Support Levels – $31,800, followed by $30,800.

Major Resistance Levels – $32,000, $32,200 and $32,400.

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