The Bitcoin price is picking up momentum as it surpasses the $30,000 resistance. BTC is displaying optimistic indicators and could potentially extend its rally towards the $31,200 threshold.
This upswing began with Bitcoin breaking through the resistance levels at $28,500 and $28,800. Currently, the price is trading above $30,000 and is comfortably above the 100-hourly Simple Moving Average. On the hourly chart of the BTC/USD pair from Kraken, a significant bullish trend line is taking shape, providing support around the $30,000 mark. As a result, it is quite likely that the pair will sustain its upward trajectory and target the $31,200 resistance level.
Bitcoin’s price exhibits renewed vigor.
Bitcoin’s price established a support base above the $27,500 level and embarked on a steady ascent, successfully surmounting several obstacles around the $28,500 resistance zone.
Bulls displayed considerable strength, propelling the price past the critical $30,000 resistance zone, resulting in the creation of a new multi-week high at approximately $30,600. Currently, the price is consolidating these gains. While there was a minor dip below the 23.6% Fibonacci retracement level of the upward movement from the $29,715 swing low to the $30,600 high, Bitcoin is now trading comfortably above $30,000 and is positioned well relative to the 100-hourly Simple Moving Average.
On the hourly chart of the BTC/USD pair, an important bullish trend line is taking shape, offering support in the vicinity of $30,000. This trend line closely aligns with the 61.8% Fibonacci retracement level of the upward move from the $29,715 swing low to the $30,600 high.
Looking to the positive side, the nearest hurdle stands at approximately $30,400, with a subsequent significant resistance likely at around $30,600. If the price successfully surges beyond the most recent peak, it could set its sights on the $31,200 resistance. Beyond that level, the next notable resistance point could be situated at $32,000. Further gains could potentially propel BTC towards the $33,200 mark in the upcoming sessions.
Is there a constraint on downward movements in BTC?
Should Bitcoin fail to surpass the resistance zone at $30,600, a downward correction may be in the offing. Immediate support to watch on the downside is around the $30,150 level.
The subsequent significant support level lies near $30,000 and corresponds with the trend line. A breach beneath this trend line support could potentially lead to a decline towards either the $29,500 level or the 100-hourly Simple Moving Average.
Key technical indicators to consider:
- Hourly MACD: The MACD is currently strengthening within the bullish zone.
- Hourly RSI (Relative Strength Index): The RSI for BTC/USD is currently above the 50 level.
Primary Support Levels: $30,150, with $30,000 following.
Primary Resistance Levels: $30,400, $30,600, and $31,200.