TA: Bitcoin Revisits $32K, Why Dips Remain Attractive In Near-Term

Bitcoin started a fresh increase and surpassed $31,000 against the US Dollar. BTC could correct gains, but dips might remain well supported above $30,800. Bitcoin is gaining pace above the $30,500 and $31,000 resistance levels. The price is now trading above the $31,000 level and the 100 hourly simple moving average. There is a connecting bullish trend line forming with support near $31,250 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could rally further if it clears the $32,200 resistance zone. Bitcoin Price Rallies 5% Bitcoin price remained well bid above the $30,000 pivot level. It formed a base and started a fresh increase above the $30,500 resistance zone. The price gained pace above the $31,200 resistance zone and settled well above the 100 hourly simple moving average. Finally, there was a spike above the $32,000 level and the price traded as high as $32,186. It is now correcting gains below $32,000. There was a move below the 23.6% Fib retracement level of the upward move from the $30,234 swing low to $32,186 high. However, there is a connecting bullish trend line forming with support near $31,250 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com An immediate resistance on the upside is near the $32,200 level. The next major resistance is near the $32,200 level. A clear move above the $32,200 resistance level might call another increase. In the stated case, the pric...