The Bitcoin bulls protected the $30K level as the price extended its decline below the $31,000 against the US dollar. BTC is now correcting higher and it seems that the bulls are aiming for a break above the $32,000 level as we can see more in our latest Bitcoin news.
BTC dropped below the $32K support and revisited the $29,250 zone with the price recovering above the $30K but it is still well below the 100 hourly simple moving average. There’s also a key bearish trend line forming with the resistance at $31,350 on the hourly charts of the pair as it could correct higher if it manages to clear the trend line resistance. As discussed previously, the BTC price extended and traded below the $32,000 support before breaking the $31,000 level and settling below the 100 hourly simple moving average.
There was a clear break below the $30K support zone and the price tested the $28,250 level so a new low is then formed near the $29,271 with the price correcting higher. It surpassed the $30,000 as well as the $30,200 resistance level. There was a break above the 23.6% fib retracement level from the downward move at $34,915 high to $29,271 low. The price is now facing strong resistance near the $31,000 level with a key bearish trend line forming near the $31,350 resistance on the hourly chart of the pair.
The Bitcoin bulls protected these levels so now the price could recover up to the $32,000 resistance. The 50% fib retracement level from the downward wave at $34,915 high to $29,271 low is nearing the $32,000 level along with the 100 hourly SMA. Breaking above the $32,000 resistance and the 100 hourly SMA could open the doors for a strong increase with a major resistance nearing the $32,800 and the $33,000 levels. If BTC fails to clear the $31,300 resistance on the $32,000 level, there could be a fresh drop as well with the initial support nearing the channel support at $30,000.
The main support is now forming close to the $29,250 zone and breaking below the $29,250 support could open the doors for a bigger decline at $28K. The hourly MACD for the pair is gaining pace in the bullish zone while the hourly RSI is well above the 50 level. The major support levels are set at $30,400 and $30,000 and the resistance levels are set at $31,300 and $32,000.
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