Bitcoin price started a fresh rally after XRP’s sharp rise. BTC is trading above $31,400 and could rally if it closes above $32,000.
Bitcoin is moving above the $31,000 and $31,400 resistance levels.
The price is trading above $31,000 and the 100 hourly simple moving average.
There was a break above a key contract triangle with resistance near $30,700 on the hourly chart of the BTC/USD pair (data source from Kraken).
The pair is likely to gain bullish momentum if there is a close above $32,000.
Bitcoin price starts a new round of rise
Bitcoin price broke through the $30,500 resistance zone. BTC started a fresh rally after the court ruled in favor of Ripple and said XRP is not a security. Breaking through the $30,650 resistance level.
Moreover, there was a break above a key contracting triangle with resistance near $30,700 on the hourly chart of the BTC/USD pair. The pair even climbed above the $31,400 resistance. A high was formed near $31,790 and the price is currently consolidating gains.
It is trading close to the 23.6% Fib retracement level of the recent rise from the $30,217 swing low to $31,790 high. Bitcoin is currently trading above $31,000 and the 100 hourly simple moving average.
An immediate resistance is near the $31,600 level. The first major resistance is near the $31,800 level, above which the price is likely to gain bullish momentum. In the mentioned case, BTC might rise towards the $32,000 resistance level. The next major resistance is near the $32,500 level. Any further gains could open the doors for a move towards the $33,200 resistance zone.
Does BTC support dips?
If bitcoin fails to clear the $31,800 resistance, it could start a downside correction. An immediate support on the downside is near $31,200.
The next major support is near $31,000, which is the 50% Fib retracement level of the recent rise from the $30,217 swing low to $31,790 high, below which the price could fall towards the $30,800 support area. Any more losses could lead the price to the $30,550 level in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.
Major Support Level – $31,200, followed by $31,000.
Major Resistance Levels – $31,650, $31,800, and $32,000.