Bitcoin Price Rally Pauses But Not Likely Over – Dips Turn Attractive

2023-06-23 03:03:12

Bitcoin price rallied toward $30,800 before the bears appeared. BTC is now correcting gains but dips could be attractive near the $28,800 zone.

Bitcoin is currently correcting gains from the $30,800 zone.
The price is trading above $29,500 and the 100 hourly Simple moving average.
There was a break below a connecting bullish trend line with support near $30,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could correct lower but the bulls might be active near the $28,800 zone.

Bitcoin Price Rally Fades

Bitcoin price gained bullish momentum above the $29,500 resistance zone. BTC even broke the $30,000 resistance to move into a positive zone. However, it failed to extend its rally toward the $31,200 resistance.

A high is formed near $30,794 and the price is now correcting lower. There was a move below the $30,250 level. The price traded below the 23.6% Fib retracement level of the upward move from the $28,661 swing low to the $30,794 high.

Besides, there was a break below a connecting bullish trend line with support near $30,050 on the hourly chart of the BTC/USD pair. Bitcoin price is still trading above $29,500 and the 100 hourly Simple moving average.

If the price remains stable above the $29,500 level, it could soon start a fresh increase. On the upside, the price is facing resistance near the $30,250 level. The next major resistance is near the $30,480 level. The main resistance is now forming near the $30,800 level.

Source: BTCUSD on TradingView.com

An upside break above the $30,800 resistance could start a fresh increase toward the $31,200 level. The next major resistance is near the $31,500 level, above which the price could rise toward the $32,000 resistance zone.

Are Dips Limited in BTC?

If Bitcoin’s price fails to clear the $30,480 resistance, it could continue to move down. Immediate support on the downside is near the $29,500 level. If there is a break below the $29,500 support, the price could see an extended downside correction.

The next major support is near the $28,800 level or the 50% Fib retracement level of the upward move from the $28,661 swing low to the $30,794 high. Any more losses might send the price toward $28,200 in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is near the 50 level.

Major Support Levels – $29,500, followed by $28,800.

Major Resistance Levels – $30,250, $30,480, and $30,800.

Trang này có thể chứa nội dung của bên thứ ba, được cung cấp chỉ nhằm mục đích thông tin (không phải là tuyên bố/bảo đảm) và không được coi là sự chứng thực cho quan điểm của Gate hoặc là lời khuyên về tài chính hoặc chuyên môn. Xem Tuyên bố từ chối trách nhiệm để biết chi tiết.