Crypto News

TA: Bitcoin Bulls Protecting $30K, Why BTC Could Correct above $32K

Bitcoin price extended its decline below $31,000 and $30,000 against the US Dollar. BTC is correcting higher and it seems like the bulls are aiming a break above $32,000.

  • Bitcoin declined below the $32,000 support level and revisited the $29,250 zone.
  • The price is currently recovering above $30,000, but it is well below the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $31,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct towards $32,000 or $32,800 if it clears the trend line resistance.

Bitcoin Price Is Attempting Strong Recovery

As discussed yesterday, bitcoin price did extend its decline and traded below the $32,000 support. BTC even broke the $31,000 level and settled below the 100 hourly simple moving average.

There was a clear break below the $30,000 support zone and the price tested $28,250. A low is formed near $29,271 and the price is currently correcting higher. It surpassed the $30,000 and $30,200 resistance levels.

There was a break above the 23.6% Fib retracement level of the downward wave from the $34,915 high to $29,271 low. However, the price is now facing resistance near $31,200 and $31,300. There is also a key bearish trend line forming with resistance near $31,350 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Source: BTCUSD on TradingView.com

If there is a clear break above the trend line resistance, bitcoin price could recover towards the $32,000 resistance. The 50% Fib retracement level of the downward wave from the $34,915 high to $29,271 low is also near the $32,000 level along with the 100 hourly SMA.

A successful break above the $32,000 resistance and the 100 hourly SMA could open the doors for a strong increase. The next major resistance is near the $32,800 and $33,000 levels.

Fresh Dip in BTC?

If bitcoin fails to clear the $31,300 resistance or $32,000, it could start a fresh decline. An initial support is near the channel support at $30,000.

The main support is now forming near the $29,250 zone. A clear break below the $29,250 support zone could open the doors for a larger decline towards $28K.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $30,400, followed by $30,000.

Major Resistance Levels – $31,300, $32,000 and $32,800.

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Disclaimer: The opinions expressed within this article are the personal opinions of the author. The facts and opinions appearing in the article do not reflect the views of CoinChapter and CoinChapter does not assume any responsibility or liability for the same.

(This story has not been edited by CoinChapter staff and is auto-generated from a syndicated feed.)
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Bitcoin Holds $30K as Calls for Dumping Cash Grows
28 days ago

[…] Thursday, the flagship cryptocurrency was holding itself above $30,000 throughout Asia and the ongoing European session. That raised expectation of further gains as the […]

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