The price of Bitcoin is currently experiencing a correction after reaching the $31,400 zone. It is now trading below $30,500 and the 100 hourly Simple moving average. On the hourly chart of the BTC/USD pair, there is a bearish trend line forming with resistance near $30,550. The pair may continue to correct lower towards the $29,200 support or even $28,500.
Bitcoin’s price had remained strong above the $29,500 resistance zone and broke through the $30,000 resistance, entering a positive zone. It even reached a high near $31,435 before starting to correct lower. The price traded below the $30,500 level and the 50% Fib retracement level of the upward move. It is now trading below the 100 hourly Simple moving average and close to the 76.4% Fib retracement level.
If the price manages to stay above $30,000, it could initiate a fresh increase. However, it is currently facing resistance near the $30,400 level and the 100 hourly Simple moving average. The first major resistance is at $30,550, followed by the $31,400 resistance zone. Further gains could lead to a test of the $32,000 level and even the $32,500 resistance zone.
On the downside, if the price fails to clear the $30,550 resistance, it may continue to move down. The immediate support is at $30,000, with the next major support at $29,550. If the price drops further, there is a risk of reaching the $29,200 support and even $28,500 in the near term.
The technical indicators show that the MACD is gaining pace in the bearish zone, and the RSI for BTC/USD is below the 50 level. The major support levels are $30,000 and $29,550, while the major resistance levels are $30,400, $30,550, and $31,400.
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