Bitcoin price did not break above $31,800 and corrected most of its gains. BTC is now attempting a further rise from the $29,950 support zone.
Bitcoin is consolidating losses above the $30,000 support zone. The price is trading below $30,500 and the 100 hourly simple moving average. A key downtrend line is forming with resistance near $30,320 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could gain bullish momentum if there is a close above $30,400.
Bitcoin price has key support
Bitcoin price rallied above the $31,400 resistance but there was no follow-through move. BTC struggled to break above the $31,800 level and remained below $32,000.
A high was formed near $31,790 before a sharp drop took place. There was a move below the $31,000 and $30,400 levels. The price even shot up below $30,000. A low is formed near $29,950 and the price is now consolidating losses.
Bitcoin is now trading below $30,500 and the 100 hourly simple moving average. There is also a key downtrend line forming with resistance near $30,320 on the hourly chart of the BTC/USD pair.
Immediate resistance is near the $30,300 level and the trend line. The first major resistance is near $30,400. It is near the 23.6% Fibonacci retracement level of the move down from the $31,790 high to $29,950 low, above which the price could gain bullish momentum.
Source: BTCUSD on TradingView.com
In the indicated case, BTC could rally towards the $30,850 resistance. It is near the 50% Fib retracement level of the move down from the $31,790 high to $29,950 low. The next major resistance is near the $31,150 level. More gains could open the doors for a move towards the $31.80 resistance zone.
More losses in BTC?
If Bitcoin fails to clear the $30,380 resistance, a downward correction could begin. Immediate support on the downside is near the $30,200 level.
The next major support is near the $30,000 level, below which there could be a drop towards the $29,750 support zone. More losses could send the price looking towards the $29,350 level in the short term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.
Main support levels: $30,200, followed by $30,000.
Main resistance levels: $30,380, $30,850 and $31,150.
This post Bitcoin price points for a further rise to $31K, this support is the key
was published first on https://www.newsbtc.com/analysis/btc/bitcoin-price-aims-31k/
