Bitcoin Price Struggles To Catch Up With Ethereum But Eyes More Upsides

Bitcoin price is moving higher above the $30,250 zone. BTC is struggling to gain bullish momentum like Ethereum but it could rally further above $31,000.

• Bitcoin started another increase above the $30,250 resistance.
• The price is trading above $30,250 and the 100 hourly Simple moving average.
• There was a break above a major declining channel with resistance near $30,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could consolidate gains before it starts a fresh increase toward $32,000.

Bitcoin Price Breaks Resistance

Bitcoin price remained well-bid above the $29,650 support zone. BTC started a fresh increase after there was an upside break in Ethereum.

The bulls were able to pump ETH above the $2,000 and $2,050 resistance levels. However, BTC failed to follow a similar pattern and climbed above the $30,250 resistance. There was a break above a major declining channel with resistance near $30,200 on the hourly chart of the BTC/USD pair.

Bitcoin price is now trading above $30,250 and the 100 hourly Simple moving average. It traded as high as $30,911 and is currently consolidating gains above the 23.6% Fib retracement level of the upward move from the $29,645 swing low to the $30,911 high.

Source: BTCUSD on TradingView.com

Immediate resistance is near the $30,850 level. The next major resistance is near the $31,200 zone. A close above the $31,200 resistance might start another increase. In the stated case, the price may perhaps rise toward the $32,000 level. The next key resistance is near the $32,200 level, above which BTC could rise toward the $33,500 level.

Are Dips Supported in BTC?

If Bitcoin’s price fails to clear the $30,750 resistance, it could a downside correction. Immediate support on the downside is near the $30,400 level.

The next major support is near the $30,250 zone or the 50% Fib retracement level of the upward move from the $29,645 swing low to the $30,911 high. A downside break and close below the $30,250 support might push the price toward the $30,000 support. Any more losses could lead the price toward the 100 hourly Simple moving average.

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 now above the 50 level.

Major Support Levels – $30,250, followed by $30,000.

Major Resistance Levels – $30,750, $31,200, and $32,000.

Source: Read Full Article