Bitcoin made an attempt to recover above the $30,000 resistance against the US Dollar. BTC is struggling near $31,000 and it could start a fresh decline.
- Bitcoin recovered above the $30,000 level but struggled above the $31,000 level.
- The price is now well above the $30,000 level and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $30,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh decline if it clears the $30,000 support area
Bitcoin price faces hurdles
Bitcoin price started a decent recovery wave from the $25,000 support area. BTC gained momentum above the $28,000 level and the 100 hourly simple moving average.
It also cleared the $30,000 resistance area. However, the bulls struggled to stay in action above the $31,000 level. A high is formed near $31,390 and the price is now recovering from a slow downside move. A move below the $31,000 level.
Bitcoin climbed higher from the 23.6% Fib retracement level of the $28,600 low to $31,390 high. The price is now approaching the $30,400 support level.
There is also a major bullish trend line forming with support near $30,400 on the hourly chart of the BTC/USD pair. The next major support is near the $30,000 area. It is near the 50% Fib retracement level of the upward move from $28,600 low to $31,390 high.
Source: BTCUSD on TradingView.com
There could be a major downside break below the $30,000 support and a downside break. In the specified case, the price could decline towards the $29,000 level. The next major support is near the $28,000 level, below which the price could start a fresh bearish wave.
More Upsides in BTC?
If bitcoin stays above the $30,000 support area, it could start a fresh rise. An immediate upside resistance is near the $31,000 level.
The next major resistance is near the $31,400 level. A clear move above the $31,000 and $31,400 resistance levels could start a fresh rise in the coming sessions. The next major resistance could be near the $32,500 level, above which the price could move higher above the $33,000 level.
Technical Indicators:
Hourly MACD – The MACD is now gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is nowhere near the 50 level.
Key Support Level – $30,400, followed by $30,000.
Key Resistance Levels – $31,000, $31,400 and $32,500.