Bitcoin Price Dips But Key Uptrend Support Intact
- Bitcoin price started a downside correction below $30,000.
- BTC is still above a key bullish trend line with support at $28,900 on the 4-hour chart.
- EUR/USD could attempt a fresh increase above 1.1000.
- The US Initial Jobless Claims could rise from 239K to 240K.
Bitcoin Price Technical Analysis
Bitcoin price struggled to clear the $31,000 resistance zone. BTC/USD started a downside correction below the $30,500 and $30,200 support levels.
Looking at the 4-hour chart, the price gained pace after it broke the $30,000 pivot level. It dipped below the 50% Fib retracement level of the upward move from the $27,216 swing low to the $31,015 high.
The price is now near a key bullish trend line with support at $28,900 on the 4-hour chart. The main support sits near the $28,800 level and the 100 simple moving average (red, 4 hours).
The 61.8% Fib retracement level of the upward move from the $27,216 swing low to the $31,015 high is also near $28,680. If there is a downside break and a close below $28,680, bitcoin might start another decline in the coming days toward the 200 simple moving average (green, 4 hours).
On the upside, the price is facing resistance near the $30,000 level. The first major resistance is near the $30,450 level (a multi-touch zone).
A successful close above the $30,450 level might spark another bullish wave. In the stated case, the price may perhaps rise toward the $31,220 level.
Any more gains could set the pace for a larger increase to $32,000.
- US Initial Jobless Claims - Forecast 240K, versus 239K previous.
- US Existing Home Sales for March 2023 (MoM) - Forecast +1.5%, versus +14.5% previous.