- Bitcoin price is facing a strong resistance near the $31,000 resistance against the US Dollar.
- The price is now trading below $31,000 and the 55 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $31,200 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair could start a steady increase if there is a move above the $32,000 level.
Bitcoin price is struggling below $32,000 against the US Dollar. BTC might extend losses if it stays below the $31,200 and $32,000 resistance levels.
Bitcoin Price Analysis
Bitcoin price extended its decline below the $30,500 support zone. A low was formed near the $29,250 zone before there was a recovery wave.
The price climbed above the $30,000 and $31,000 resistance levels. However, the price failed on a few occasions near the $31,500 and $31,550 levels. The recent high was formed near $31,549 before there was a fresh decline.
A low is formed near $29,829 and the price is now rising. It surpassed the 23.6% Fib retracement level of the downward move from the $31,549 swing high to $29,829 low. Bitcoin is now trading above $31,000 and the 55 simple moving average (4-hours). An immediate resistance on the upside is near the $30,700 level.
The stated resistance is near the 50% Fib retracement level of the downward move from the $31,549 swing high to $29,829 low. The next major resistance on the upside is near the $31,2000 level.
There is also a key bearish trend line forming with resistance near $31,200 on the 4-hours chart of the BTC/USD pair. To start another increase, the price must settle above the $31,550 level in the near term.
In the stated case, bitcoin could rise towards the $32,500 resistance or even $33,000. The next major resistance sits near the $34,500 level. If there is no upside break, the price might start a fresh decline below $30,000. The next key support is near the $29,250 level. Any more losses might call for a test of the $28,500 support zone.
Looking at the chart, bitcoin price is clearly trading below $31,000 and the 55 simple moving average (4-hours). Overall, the price could start a steady increase if there is a move above the $32,000 level.
Technical Indicators
4 hours MACD – The MACD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Key Support Levels – $30,000 and $29,250.
Key Resistance Levels – $31,200, $31,550 and $32,000.
