33.8 C
Dubai
Monday, May 27, 2024
HomeBitcoin NewsBitcoin Price Analysis: BTC Eyes More Gains Above $31K

Bitcoin Price Analysis: BTC Eyes More Gains Above $31K

Date:

Related stories

  • Bitcoin price is trading in a positive zone from the $29,250 support against the US Dollar.
  • The price is now trading above $29,500 and the 55 simple moving average (4 hours).
  • There is a key contracting triangle forming with resistance near $30,400 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
  • The pair could start a fresh increase if it clears the $30,400 resistance zone.

Bitcoin price is rising from $29,250 against the US Dollar. BTC might eye another increase if the bulls remain active above the $29,200 zone.

Bitcoin Price Analysis

Bitcoin price started a fresh decline below the $30,000 support zone. There was a clear move below the $29,800 and $29,500 support levels. The pair traded as low as $29,103 and recently started a fresh increase.

There was a break above the $29,500 resistance zone. The price gained pace once it broke the $30,000 resistance zone and the 50% Fib retracement level of the downward move from the $31,050 swing high to the $29,103 low.

Bitcoin price is now trading above $29,500 and the 55 simple moving average (4 hours). It is also consolidating gains near the 61.8% Fib retracement level of the downward move from the $31,050 swing high to the $29,103 low.

Immediate resistance on the upside is near the $30,400 level. There is also a key contracting triangle forming with resistance near $30,400 on the 4-hour chart of the BTC/USD pair.

The next major resistance might be near the $30,550 zone. The main resistance sits at $31,000. A clear move above the $31,000 level might send the price toward $32,000, above which the price might rise toward the $33,200 level. Any more gains might push the price toward the $34,500 zone.

If there is no upside break, the price might start a fresh decline below the $30,000 level. The first major support is near $29,200. The next key support is near the $28,850 level, below which the price might accelerate lower. In the stated case, the price could decline toward the $27,500 level.

Bitcoin Price
Bitcoin Price

Looking at the chart, Bitcoin’s price is trading above $30,000 and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase if it clears the $30,400 resistance zone.

Technical Indicators

4 hours MACD – The MACD is now gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.

Key Support Levels – $29,200 and $28,850.

Key Resistance Levels – $30,400, $31,000, and $32,000.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

Subscribe

Latest stories