Bitcoin Price Losses Steam Above $30K But The Bulls Are Not Done Yet

2023-08-09 11:42:26

Bitcoin price climbed above the $29,500 resistance. BTC spiked above $30,000 and is currently consolidating gains above a connecting trend line.

Bitcoin is showing positive signs above the $29,500 pivot level.
The price is trading above $29,550 and the 100 hourly Simple moving average.
There is a key bullish trend line forming with support near $29,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could attempt another increase above the $30,000 resistance zone.

Bitcoin Price Attempts Upside Break

Bitcoin price remained well-bid above the $28,800 support zone. BTC formed a support base and recently started a steady increase. There was a clear move above the key $29,500 resistance zone.

The bulls even pumped the price above the $30,000 resistance zone. However, the bulls failed to keep the price above $30,000. A high was formed near $30,190 and the price started a downside correction. There was a move below the $30,000 level.

Bitcoin dipped below the 23.6% Fib retracement level of the upward move from the $28,629 swing low to the $30,190 high. It is now trading above $29,550 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support near $29,800 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

Immediate resistance is near the $30,000 zone. The first major resistance is near the $30,200 level. The next major resistance is near the $30,400 level. A close above the $30,400 resistance might start another steady increase. In the stated case, the price could test $31,200. Any more gains might open the doors for a move toward $32,000.

Are Dips Limited In BTC?

If Bitcoin fails to clear the $30,000 resistance, it could start a fresh decline. Immediate support on the downside is near the $29,800 level and the trend line.

The next major support is near the $29,400 level or the 50% Fib retracement level of the upward move from the $28,629 swing low to the $30,190 high, below which the price could take a hit. The next support is near the $29,200 level. Any more losses might call for a move toward the $29,000 level 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 now above the 50 level.

Major Support Levels – $29,800, followed by $29,400.

Major Resistance Levels – $30,000, $30,200, and $30,500.

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