Bitcoin attempted a recovery wave above the $30,000 resistance against the US Dollar. BTC is struggling near $31,000 and might start a fresh decline.
Bitcoin recovered above the $30,000 level but struggled above $31,000.
The price is now well above the $30,000 level and the 100 hourly simple moving average.
There is a key 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 zone
Bitcoin Price Faces Hurdles
Bitcoin price started a decent recovery wave from the $25,000 support zone. BTC gained pace for a move above the $28,000 level and the 100 hourly simple moving average.
It even cleared the $30,000 resistance zone. 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 slowing moving lower. There was a move below the $31,000 level.
Bitcoin moved below the 23.6% Fib retracement level of the upward move from the $28,600 swing low to $31,390 high. The price is now approaching the $30,400 support.
There is also a key 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 zone. It is near the 50% Fib retracement level of the upward move from the $28,600 swing low to $31,390 high.
Source: BTCUSD on TradingView.com
A downside break and close below the $30,000 support might start a major decline. In the stated case, the price could decline towards the $29,000 level. The next major support is near $28,000 level, below which the price might start a fresh bearish wave.
More Upsides in BTC?
If bitcoin stays above the $30,000 support zone, it could start a fresh increase. An immediate resistance on the upside 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 might start a fresh increase in the coming sessions. The next key resistance could be near the $32,500 level, above which the price might rise above $33,000.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is no near the 50 level.
Major Support Levels – $30,400, followed by $30,000.
Major Resistance Levels – $31,000, $31,400 and $32,500.
Bitcoin attempted a recovery wave above the $30,000 resistance against the US Dollar. BTC is struggling near $31,000 and might start a fresh decline.
Bitcoin recovered above the $30,000 level but struggled above $31,000.
The price is now well above the $30,000 level and the 100 hourly simple moving average.
There is a key 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 zone
Bitcoin price started a decent recovery wave from the $25,000 support zone. BTC gained pace for a move above the $28,000 level and the 100 hourly simple moving average.
It even cleared the $30,000 resistance zone. 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 slowing moving lower. There was a move below the $31,000 level.
Bitcoin moved below the 23.6% Fib retracement level of the upward move from the $28,600 swing low to $31,390 high. The price is now approaching the $30,400 support.
There is also a key 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 zone. It is near the 50% Fib retracement level of the upward move from the $28,600 swing low to $31,390 high.
Source: BTCUSD on TradingView.com
A downside break and close below the $30,000 support might start a major decline. In the stated case, the price could decline towards the $29,000 level. The next major support is near $28,000 level, below which the price might start a fresh bearish wave.
If bitcoin stays above the $30,000 support zone, it could start a fresh increase. An immediate resistance on the upside 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 might start a fresh increase in the coming sessions. The next key resistance could be near the $32,500 level, above which the price might rise above $33,000.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is no near the 50 level.
Major Support Levels – $30,400, followed by $30,000.
Major Resistance Levels – $31,000, $31,400 and $32,500.
Tags: bitcoinbtcusdBTCUSDTxbtusd
FeedzyRead More
In a recent client note, Standard Chartered’s Head of Digital Assets Research, Geoff Kendrick, predicted…
Ethereum experienced one of the most chaotic trading days in its history last Monday, as…
Bitcoin price started another decline below the $100,500 zone. BTC is trimming gains and might…
Strategy (MSTR) reported a fourth-quarter net loss of $3.03 per share, compared to income of…
The world's largest asset management firm with more than $10 trillion in AUM, Blackrock (BLK)…
In an escalation of global economic friction, President Trump’s imposed tariffs have roiled financial markets…
