Bitcoin price is consolidating gains near the $30,000 zone. BTC could start another increase if it clears the $30,250 resistance zone.
- Bitcoin corrected lower and tested the $29,650 support zone.
- The price is trading above $29,650 and the 100 hourly Simple moving average.
- There is a major declining channel forming with resistance near $30,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a strong increase if there is a close above the $30,250 resistance zone.
Bitcoin Price Remains Supported
Bitcoin price started a downside correction from the $30,550 zone. BTC declined below the $30,000 support zone. There was also a move below the 23.6% Fib retracement level of the upward wave from the $28,200 swing low to the $30,586 high.
However, the bulls were active near the $29,650 zone. Besides, the US CPI posted another decline to 5% in March 2023. It helped BTC to remain in a positive zone above the $29,650 level.
Bitcoin price is now trading above $29,800 and the 100 hourly Simple moving average. There was a move above the 50% Fib retracement level of the downside correction from the $30,586 swing high to the $29,645 low.
Immediate resistance is near the $30,250 level. There is also a major declining channel forming with resistance near $30,250 on the hourly chart of the BTC/USD pair. The channel resistance is close to the 61.8% Fib retracement level of the downside correction from the $30,586 swing high to the $29,645 low.
Source: BTCUSD on TradingView.com
The next major resistance is near the $30,500 zone. A close above the $30,500 resistance might start a strong increase. In the stated case, the price may perhaps rise toward the $31,200 level. The next key resistance is near the $32,000 level, above which BTC could rise toward the $33,500 level.
Another Drop in BTC?
If Bitcoin’s price fails to clear the $30,250 resistance, it could another decline. Immediate support on the downside is near the $29,850 level.
The next major support is near the $29,650 zone. A downside break and close below the $29,650 support might push the price back toward $29,200 or the 100 hourly Simple moving average.
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 – $29,850, followed by $29,650.
Major Resistance Levels – $30,250, $30,500, and $31,200.