Bitcoin Price Relatively Muted_ Resistance Estimated Near $30,400

2023-07-21 02:59:47

Bitcoin price is still consolidating above $29,500. BTC must settle above the $30,400 resistance zone to start a steady increase in the near term.

Bitcoin is struggling to clear the $30,000 resistance level.
The price is trading below $30,000 and the 100 hourly Simple moving average.
There was a break below a key bullish trend line with support near $29,950 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a decent increase if there is a close above the $30,400 resistance.

Bitcoin Price Remains In A Range

Bitcoin price attempted a fresh increase above the $30,400 resistance zone. However, BTC struggled to settle above $30,400 and reacted to the downside.

There was a break below a key bullish trend line with support near $29,950 on the hourly chart of the BTC/USD pair. The pair declined below the $29,850 level but the downsides were limited. The price stayed above the $29,500 support.

A low is formed near $29,591 and the price is now attempting a fresh increase. There was a move above the $29,650 level. Bitcoin price is now trading below $30,000 and the 100 hourly Simple moving average.

Immediate resistance is near the $30,000 level and the 100 hourly Simple moving average. It is close to the 50% Fib retracement level of the recent decline from the $30,405 swing high to the $29,591 low. The first major resistance is near the $30,100 level.

Source: BTCUSD on TradingView.com

The 61.8% Fib retracement level of the recent decline from the $30,405 swing high to the $29,591 low is also near the $30,100 level. The next major resistance is near $30,400. A close above the $30,400 level might start a fresh increase. In the stated case, the price could rise toward the $30,800 level. Any more gains could open the doors for a move toward the $31,200 resistance zone.

More Losses in BTC?

If Bitcoin fails to clear the $30,000 resistance, it could continue to move down. Immediate support on the downside is near the $29,600 level.

The next major support is near the $29,500 level, below which the price could accelerate lower. In the stated case, the price could drop toward the $29,200 support zone.

Technical indicators:

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

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

Major Support Levels – $29,600, followed by $29,500.

Major Resistance Levels – $30,000, $30,100, and $31,400.

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.