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

2023-6-23 05:52

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.

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