Bitcoin prices are still striving to break through the resistance level of $31.000
Bitcoin prices are still striving to break through the resistance level of $31.000. BTC is trading within the range and may return to the support area of $30.000.
1. Bitcoin is consolidating above the $30.000 support area
2. The transaction price is slightly below $30500 and the 100 hour simple moving average.
The hourly chart of the BTC/USD currency pair broke the main bearish trend line, with resistance around $30.300 (data from
Kraken).
4. It may fall back to the support level of $30.000 or even $29.550.
Bitcoin prices face resistance
Bitcoin prices are supported around the $30.000 range. The BTC trading price is as low as $29.914, and has recently started a new round of increase. The price has exceeded the levels of $30.200 and $30.250.
The price cleared the 50% Fib retracement from the fluctuating high point of $31436 to the low point of $29.914. In addition, the hourly chart of the BTC/USD currency pair broke the main bearish trend line, with resistance around $30300.
However, bears seem to be active near the resistance zone of $31000. Bitcoin is difficult to clear, falling from a fluctuating high of $31436 to
The 76.4% Fib retracement at the low point of $29914.
The current price is slightly below $30500 and the 100 hour simple moving average. The direct resistance is around $30.680. The first major resistance level is around $30.950, above which prices may re touch the $31.400 resistance zone.
The next major resistance level is around $32000. Breaking through the resistance level of $32000 upwards may cause BTC to rise to $32500. Any further increase could open the door to moving towards the $33.200 resistance zone.
Bitcoin loses more?
If the price of Bitcoin fails to break through the resistance level of $30.950, it may continue to decline. The direct support for the downward trend is located near the level of $30.250 or the trend line breaking area.
The next major support level is around $30.000, below which it may fall towards the support level of $29.550. Any further losses may lead to prices rising to the support area of $28.750 in the short term.
Technical indicators:
Hourly MACD-MACD is now losing speed in bullish areas.
Hourly RSI (Relative strength index) -- The RSI of BTC/USD is lower than 50.
The main support level is -30.000 US dollars, followed by 29.550 US dollars.
The main resistance levels are -30680 US dollars, 30950 US dollars, and 31400 US dollars.
(Personal thoughts, not as investment advice)
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