Bitcoin price started a strong upward move from the $ 29,250 support zone against the US Dollar. BTC must settle above $ 32,000 and $ 32,500 for more upsides in the near term.

  • Bitcoin started a strong increase above the $ 30,000 and $ 31,000 resistance levels.
  • The price is now trading well above $ 31,000 and the 100 hourly simple moving average.
  • There was a break above a major bearish trend line with resistance near $ 31,250 on the hourly chart of the BTC / USD pair (data feed from Kraken).
  • The pair could correct gains, but the bulls are likely to remain active near $ 31,200.

Bitcoin Price Surges above $ 32,000

Bitcoin price found a strong buying interest below the $ 30,000 level. BTC formed a support base near the $ 29,300 and it started a major recovery wave.

The price surged above the $ 30,000 and $ 30,500 resistance levels. There was a clear break above the 61.8% Fib retracement level of the recent downward move from the $ 31,900 swing high to $ 29,312 low. There was also a break above a major bearish trend line with resistance near $ 31,250 on the hourly chart of the BTC / USD pair.

The pair jumped above the $ 31,500 level and the 100 hourly simple moving average. Finally, there was a break above the $ 32,000 resistance zone.

It tested the $ 32,500 resistance zone. It seems like the bears were active near the 1.236 Fib extension level of the recent downward move from the $ 31,900 swing high to $ 29,312 low. Bitcoin price is now consolidating above the $ 31,500 level.

Bitcoin Price

Source: BTCUSD on TradingView.com

The first major resistance is near the $ 32,500 level. If there is a close above the $ 32,500 resistance zone, the price is likely to accelerate higher. In the stated case, the price is likely to move towards the $ 33,500 level in the near term.

Dip Supported in BTC?

If bitcoin fails to climb above the $ 32,300 and $ 32,500 resistance levels, it could start a downside correction. An initial support on the downside is near the $ 31,500 level.

The first major support is now near the $ 31,200 zone. A clear downside break below the $ 31,200 support may possibly put a lot of pressure on the bulls. The next key support is seen near the $ 30,500 level.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

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

Major Support Levels – $ 31,500, followed by $ 31,200.

Major Resistance Levels – $ 32,200, $ 32,500 and $ 33,000.



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