Bitcoin remained strong above the $29,500 support against the US Dollar. BTC could start a major increase if there is a clear move above the $31,500 resistance.<\/p>\n
Bitcoin started a fresh increase from the $29,500 support zone.
\nThe price is now trading above the $30,000 level and the 100 hourly simple moving average.
\nThere is a key bearish trend line forming with resistance near $31,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a major upward move if there is a clear move above the $31,500 resistance.<\/p>\n
Bitcoin Price Reverses Losses<\/p>\n
Bitcoin price remained well bid above the $29,200 and $29,500 levels. A low was formed near $29,200 and the price started a fresh increase. There was a clear move above the $30,000 resistance zone.<\/p>\n
The bulls were able to pump the price above the $30,500 level and the 100 hourly simple moving average. It even surged above the $31,000 level and even tested the $31,500 resistance zone. A high is formed near $31,550 and the price is now consolidating gains.<\/p>\n
It already tested the 23.6% Fib retracement level of the recent increase from the $29,200 swing low to $31,550 high. An immediate resistance on the upside is near the $31,400 level.<\/p>\n
There is also a key bearish trend line forming with resistance near $31,400 on the hourly chart of the BTC\/USD pair. The first major resistance is near the $31,500 level. A clear move above the $31,500 resistance level could send the price further higher.<\/p>\n\n
Source: BTCUSD on TradingView.com<\/p>\n
The next major resistance might be $32,200. Any more gains might change the bias and bitcoin price could rise towards the $33,200 level.<\/p>\n
Fresh Decline in BTC?<\/p>\n
If bitcoin fails to clear the $31,500 resistance zone, it could start another decline. An immediate support on the downside is near the $30,850 level.<\/p>\n
The next major support is near the $30,175 level. It is near the 50% Fib retracement level of the recent increase from the $29,200 swing low to $31,550 high. A downside break below the $30,175 support may perhaps spark another decline. In the stated case, the price could dive towards the $29,500 support zone in the near term.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well above the 50 level.<\/p>\n
Major Support Levels \u2013 $30,850, followed by $30,175.<\/p>\n
Major Resistance Levels \u2013 $31,400, $31,500 and $32,200.<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Bitcoin remained strong above the $29,500 support against the US Dollar. BTC could start a major increase if there is a clear move above the $31,500 resistance.<\/p>\n
Bitcoin started a fresh increase from the $29,500 support zone.
\nThe price is now trading above the $30,000 level and the 100 hourly simple moving average.
\nThere is a key bearish trend line forming with resistance near $31,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a major upward move if there is a clear move above the $31,500 resistance.<\/p>\n
Bitcoin Price Reverses Losses<\/p>\n
Bitcoin price remained well bid above the $29,200 and $29,500 levels. A low was formed near $29,200 and the price started a fresh increase. There was a clear move above the $30,000 resistance zone.<\/p>\n
The bulls were able to pump the price above the $30,500 level and the 100 hourly simple moving average. It even surged above the $31,000 level and even tested the $31,500 resistance zone. A high is formed near $31,550 and the price is now consolidating gains.<\/p>\n
It already tested the 23.6% Fib retracement level of the recent increase from the $29,200 swing low to $31,550 high. An immediate resistance on the upside is near the $31,400 level.<\/p>\n
There is also a key bearish trend line forming with resistance near $31,400 on the hourly chart of the BTC\/USD pair. The first major resistance is near the $31,500 level. A clear move above the $31,500 resistance level could send the price further higher.<\/p>\n
Source: BTCUSD on TradingView.com<\/p>\n
The next major resistance might be $32,200. Any more gains might change the bias and bitcoin price could rise towards the $33,200 level.<\/p>\n
Fresh Decline in BTC?<\/p>\n
If bitcoin fails to clear the $31,500 resistance zone, it could start another decline. An immediate support on the downside is near the $30,850 level.<\/p>\n
The next major support is near the $30,175 level. It is near the 50% Fib retracement level of the recent increase from the $29,200 swing low to $31,550 high. A downside break below the $30,175 support may perhaps spark another decline. In the stated case, the price could dive towards the $29,500 support zone in the near term.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well above the 50 level.<\/p>\n
Major Support Levels \u2013 $30,850, followed by $30,175.<\/p>\n
Major Resistance Levels \u2013 $31,400, $31,500 and $32,200.<\/p>\n
<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-758","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/758","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=758"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/758\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=758"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=758"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=758"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}