Following a difficult day, Bitcoin price experienced a sharp rise after hitting the bottom at $29,250. To continue the bullish trend, BTC must stabilize its price over the $32,000 and $32,500 zones. We shall take a closer look at Bitcoin price for the past 24 hours and try to make short-term predictions based on technical analysis.
- BTC managed to break through the important resistance levels at $30,000 and $31,000
- As of right now, BTC stands above $31,000 and the price candles are located above the SMA100.
- Taking a look at the hourly chart, an important resistance based on a downward trendline at $31,250 has been broken.
- BTC is currently on an upward trend, yet it`s most likely that the $32,200 resistance level stops this trend.
The buyers made huge purchases under $30,000. Yesterday, BTC made a solid foundation at $29,300 and experienced a strong upward trend.
The strong bullish trend not only managed to break the $30,000 and $30,500 resistance levels, but also the 61% Fibonacci retracement level (based in the latest fall from $31,900 to $29312) was broken. Also, in the hourly chart, another important resistance level at the $31,250 zone was broken through.
A while later, the price managed to move beyond $31,500 and the price candles moved above the SMA100. And finally the $32,000 resistance zone was broken.
In the upward trend, Bitcoin price reached $32,500, yet the sellers took control of the market at $32,000 and were able to stop the bullish trend. Right now, the price is range bound at about $31,500.
After moving out of this range, the chances of further upward movement are still high and in that case, the first resistance level will be at $32,500. Stabilizing above $32,500 will further increase the chance of bullish price. If that takes place, there is even possibility of reaching the $33,500 in short-term.
On the other hand, if BTC will not be able to break through the $32,300 and $32,500, there will most likely be a market correction. For this scenario, the first support level will be $31,500. In case of persistence in downward trend, the $31,200 and $30,200 will be the next important support levels down the line.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on a weak downwards movement.
RSI: the 1-hour relative strength index is approximately 66.
Resistance levels: the $32,200 is the first resistance level followed by the $32,500 and the $33,000.
Support levels: the $31,500 and $31,200 are the two important support levels that will cause further decline if they are broken.
At this point if you feel like you need to sell your BTC and exchange it into Paypal or Webmoney, we will gladly help you cash out.