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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

TA: Bitcoin Price Remains Supported, $30.8K Holds The Key

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Bitcoin remained in a positive zone above $31,200 against the US Dollar. BTC could correct lower, but the bulls might remain active near $30,800.

  • Bitcoin is showing positive signs above the $30,500 and $31,000 resistance levels.
  • The price is now trading above the $31,200 level and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $31,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct lower and test the $31,000 and $30,800 support levels.

Bitcoin Price Faces Key Resistance

Bitcoin price extended increase above the $31,000 zone. It even broke the $32,000 resistance on a couple of occasions, but the bears protected more gains above $32,200.

The recent swing high was formed near $32,400 before the price started a downside correction. There was a move below the $32,000 level. The price corrected and tested the 23.6% Fib retracement level of the upward move from the $29,085 swing low to $32,400 high. Download Bitcoin Miner Awesom Miner Official for Windows. Safe install and earn ETH/BTC.

It is now testing the $31,800 zone. There is also a key bullish trend line forming with support near $31,800 on the hourly chart of the BTC/USD pair. Bitcoin is also well above the $31,200 level and the 100 hourly simple moving average.

Bitcoin Price

Source: BTCUSD on TradingView.com

An immediate resistance on the upside is near the $32,000 level. The next major resistance is near the $32,200 and $32,400 levels. A clear move above the $32,400 resistance level could start another increase. In the stated case, the price could rise towards the $32,500 resistance. The next major resistance sits near the $33,400 level.

Dips Supported in BTC?

If bitcoin fails to clear the $32,400 resistance zone, it could start a downside correction. An immediate support on the downside is near the $31,800 level and the trend line. A downside break below the trend line could send the price towards the $30,800 support.

The 50% Fib retracement level of the upward move from the $29,085 swing low to $32,400 high is also near the $30,800 level. Any more gains might open the doors for a move towards the $30,000 support. Download Bitcoin Miner Awesom Miner Official for Windows. Safe install and earn ETH/BTC.

Technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is moving lower towards the 50 level.

Major Support Levels – $31,800, followed by $30,800.

Major Resistance Levels – $32,000, $32,200 and $32,400.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

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