- Bitcoin price is trading below the $31,250 zone against the US Dollar.
- The price is now trading above $30,500 and the 55 simple moving average (4 hours).
- There is a connecting bullish trend line forming with support near $30,300 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
- The pair could continue to rise if it stays above the $30,000 support zone.
Bitcoin price is showing positive signs above $30,000 against the US Dollar. BTC might correct lower but dips could be limited below the $29,850 zone.
Bitcoin Price Analysis
Bitcoin price started a decent increase above the $29,000 resistance zone. The price remained stable above the $30,000 level and traded in a positive zone.
There was a clear move above the $30,500 level and the 55 simple moving average (4 hours). The price even rallied above the $31,000 resistance zone. However, the price seems to be struggling near the $31,450 zone. A high was formed near $31,445 and the price is now consolidating gains.
The price traded below $30,850 and tested the 23.6% Fib retracement level of the upward move from the $24,750 swing low to the $31,445 high. The price is now trading above $30,500 and the 55 simple moving average (4 hours).
Immediate resistance on the upside is near the $31,000 level. The first major resistance is near the $31,250 level, above which the price could rise toward the $32,000 zone.
Any more gains might send the price toward the $32,850 zone. If there is no upside break, the price might start a downside correction below $30,500. There is also a connecting bullish trend line forming with support near $30,300 on the 4-hour chart of the BTC/USD pair.
The next key support is near the $29,200 level. Any more losses might call for a move toward the $28,000 support zone or the 50% Fib retracement level of the upward move from the $24,750 swing low to the $31,445 high.
Looking at the chart, Bitcoin price is trading above $30,500 and the 55 simple moving average (4 hours). Overall, the price could continue to rise if it stays above the $30,000 support zone.
Technical Indicators
4 hours MACD – The MACD is now losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Key Support Levels – $30,500 and $30,000.
Key Resistance Levels – $31,000, $31,250, and $32,000.
