Bitcoin Price Aims Fresh Increase To $31K, This Support Is The Key

2023-07-17 03:08:37

Bitcoin price failed to surpass $31,800 and corrected most of its gains. BTC is now attempting a fresh increase from the $29,950 support zone.

Bitcoin is consolidating losses above the $30,000 support zone.
The price is trading below $30,500 and the 100 hourly Simple moving average.
There is a key bearish trend line forming with resistance near $30,320 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could gain bullish momentum if there is a close above $30,400.

Bitcoin Price Holds Key Support

Bitcoin price rallied above the $31,400 resistance but there was no follow-up move. BTC struggled to clear the $31,800 level and stayed below $32,000.

A high was formed near $31,790 before there was a sharp decline. There was a move below the $31,000 and $30,400 levels. The price even spiked below $30,000. A low is formed near $29,950 and the price is now consolidating losses.

Bitcoin is now trading below $30,500 and the 100 hourly Simple moving average. There is also a key bearish trend line forming with resistance near $30,320 on the hourly chart of the BTC/USD pair.

Immediate resistance is near the $30,300 level and the trend line. The first major resistance is near $30,400. It is near the 23.6% Fib retracement level of the downward move from the $31,790 swing high to the $29,950 low, above which the price could gain bullish momentum.

Source: BTCUSD on TradingView.com

In the stated case, BTC might rise toward the $30,850 resistance. It is close to the 50% Fib retracement level of the downward move from the $31,790 swing high to the $29,950 low. The next major resistance is near the $31,150 level. Any more gains could open the doors for a move toward the $31,80 resistance zone.

More Losses in BTC?

If Bitcoin fails to clear the $30,380 resistance, it could start a downside correction. Immediate support on the downside is near the $30,200 level.

The next major support is near the $30,000 level, below which there could be a drop toward the $29,750 support zone. Any more losses might send the price toward the $29,350 level in the near term.

Technical indicators:

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

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

Major Support Levels – $30,200, followed by $30,000.

Major Resistance Levels – $30,380, $30,850, and $31,150.

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