Bitcoin Bulls Keep Pushing, Why Rally Isn’t Over Yet
Bitcoin price is surging above $30,000. BTC is up over 10% and it seems like the bulls are not done yet and might be aiming for a move to $32,000.
- Bitcoin is gaining pace above the $30,000 resistance.
- The price is trading above $29,500 and the 100 hourly Simple moving average.
- There is a key bullish trend line forming with support near $30,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise further if it clears the $30,800 and $31,200 resistance levels.
Bitcoin Price Extends Its Rally
Bitcoin price started a major rally above the $28,500 resistance zone. BTC gained strength and was able to clear the key $29,200 resistance zone. It is up over 10% and there was a clear move above the $30,000 resistance.
It traded close to $30,800. A high is formed near $30,794 and the price recently saw a minor downside correction. There was a move below the $30,500 level. The price dipped below the 23.6% Fib retracement level of the recent wave from the $28,660 swing low to the $30,794 high.
Bitcoin price is now trading above $29,500 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support near $30,250 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
It is again rising and trading above the $30,000 level. On the upside, the price is facing resistance near the $30,300 level. The next major resistance is near the $30,800 level. An upside break above the $30,800 resistance could start a fresh increase toward the $31,200 level. The next major resistance is near the $32,000 level, above which the bulls might send BTC toward the $32,500 resistance zone.
Dips Present Buying Opportunity in BTC?
If Bitcoin’s price fails to clear the $30,800 resistance, it could start a downside correction. Immediate support on the downside is near the $30,250 level and the trend line.
The next major support is near the $29,750 level or the 50% Fib retracement level of the recent wave from the $28,660 swing low to the $30,794 high. The main support is now near $29,000, below which the price might drop toward the $28,500 support. Any more losses might send the price toward $27,500 in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is in the overbought zone.
Major Support Levels – $30,200, followed by $29,750.
Major Resistance Levels – $30,300, $30,800, and $31,200.
