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Bitcoin price remained in a bullish zone and climbed above USD 30,000 against the US dollar. BTC corrected lower after hitting a new all-time high, but is likely to stay higher towards USD 34,000.

  • Bitcoin is up 12% and it is trading well above the USD 30,000 resistance zone.
  • The price is showing many positive signs above USD 31,000 and the simple 100 (4 hours) moving average.
  • A large bullish trendline is forming with support near USD 30,800 on the 4hr chart of the BTC / USD pair (data feed from Kraken).
  • The pair is likely to remain higher towards the USD 34,000 and USD 35,000 levels in the near term.

Bitcoin price fixes new ATH

There was one in the last few days sharp rise in bitcoin price above the USD 25,000 resistance against the US dollar. The BTC / USD pair broke many major barriers near USD 28,000 and USD 30,000 to stay higher.

In fact, the bulls pushed the price above the USD 32,000 level and BTC traded to a new all-time high of nearly USD 33,300. Recently, there was a sharp downward correction below the USD 32,000 level. The price even spiked below the USD 31,000 level, but remained above the USD 30,000 support.

A low is formed at $ 30,316 and it started with one new increase. There was a break above the USD 31,000 resistance zone. The bulls were able to push the price above the 50% Fib retracement level of the recent decline from the high of $ 33,298 to the low of $ 30,316.

Bitcoin price

It is now trading nicely above the USD 32,000 resistance zone. There was also a break above the 76.4% Fib retracement level from the recent drop from the high of $ 33,298 to the low of $ 30,316.

It looks like the bitcoin price will soon be clearing the high of USD 33,298 and trading towards a new record. The next key resistance could be near the USD 34,000 level. It is close to the 1,236 Fib expansion level of the recent drop from the high of $ 33,298 to the low of $ 30,316.

Dips supported in BTC?

If there is another downside correction, bitcoin price could find bids near the USD 32,000 and USD 31,500 levels. A major bullish trendline is also forming with support near $ 30,800 on the 4-hour chart of the BTC / USD pair.

The main support is now forming near the USD 30,000 level. A close below the USD 30,000 level could prompt a further decline towards the USD 28,500 level.

Technical indicators

4 Hour MACD – The MACD for BTC / USD is gaining momentum in the bullish zone.

4 Hour RSI (Relative Strength Index) – The RSI for BTC / USD is now well above the 60 level.

Major Support Level – $ 30,800

Major Resistance Level – USD 40,000

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