/cdn.vox-cdn.com/uploads/chorus_asset/file/24016885/STK093_Google_04.jpg)
/cdn.vox-cdn.com/uploads/chorus_asset/file/24808816/Starfield__The_Settled_Systems___Supra_Et_Ultra_____Starfield__The_Settled_Systems___Supra_Et_Ultra_2023_7_25_94252.263_1440p_streamshot.png)
Bitcoin price corrected gains and retested the $30,650 support. If BTC sustains above the $30,000 support area, it could start a fresh increase.
- Bitcoin is maintaining gains above the $30,650 support area.
- The price is trading above $30,700 and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $30,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- If the pair sustains above the $30,650 support area, it could start a fresh increase.
bitcoin price remains stable
Bitcoin price is struggling to clear the key $31,400 resistance area. BTC started a decline below the $31,000 and $30,800 levels.
The price declined below the 50% Fibonacci retracement level of the upward move from the $30,192 low to $31,372 high. However, the bulls were seen active near the $30,650 support area and the 100 hourly simple moving average.
Bitcoin also tested the 61.8% Fibonacci retracement level of the upward move from the $30,192 low to $31,372 high. It is now trading above $30,700 and the 100-hour simple moving average.
There is also a major bullish trend line forming with support near $30,700 on the hourly chart of the BTC/USD pair. An immediate resistance is near the $31,050 level. The first major resistance is near the $31,250 level, above which the price could start an increase towards $31,400.
Source: BTCUSD on Tradingview.com
A close above the $31,400 resistance could start another strong rise. The next major resistance is near the $32,000 level. Any more gains could open the door for a move towards the $32,500 resistance area.
More Losses in BTC?
If bitcoin price fails to overcome the $31,050 resistance, it could continue to decline. On the downside, an immediate support is near the $30,650 level and the trend line and the 100 hourly simple moving average.
The next major support is near the $30,470 level, below which there are chances of a decline towards $30,200. Any more losses could send the price towards the $30,000 area, below which there is a risk of a bigger downside.
Technical Indicators:
Hourly MACD – The MACD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well below the 50 level.
Key support levels are $30,650, followed by $30,200.
Key Resistance Levels – $31,050, $31,400, and $32,000.
