The price formed a base near $29,350 and started a recovery wave.
The price climbed above the 23.6% Fib retracement level of the recent decline from the $32,400 swing high to $29,328 low.
Bitcoin price is now trading below the $31,000 level and the 100 hourly simple moving average.
The trend line is close to the 50% Fib retracement level of the recent decline from the $32,400 swing high to $29,328 low.
A clear move above the $31,000 resistance level could start another increase.
If bitcoin fails to clear the $31,000 resistance zone, it could start another decline.
A downside break below the $29,350 support may perhaps spark a sharp decline.
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