Bitcoin price is moving lower from the $30,350 level. BTC is showing bearish signs and might decline further toward the $29,650 and $29,500 support levels.
Bitcoin is moving lower below the $30,000 pivot level.
The price is trading below $30,000 and the 100 hourly Simple moving average.
There is a key bullish trend line forming with support near $29,720 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could extend its decline below the $29,500 support zone.
🌎《Now you can now start trading at TNNS PROX》📈
🔥Start trading today, click "sign up" from the link above.
Bitcoin price drops after rejection, bears target new lows. Bitcoin Price Turns Red Again
Bitcoin attempted to surpass the $30,400 resistance level, but failed to settle above the $30,350 level and began to decline. The price dropped below the $30,000 support zone and the 100 hourly Simple Moving Average, resulting in a bearish reaction. Furthermore, it fell below the 61.8% Fib retracement level of the upward move from the $29,650 swing low to the $30,333 high. Currently, Bitcoin is trading below $30,000 and the 100 hourly Simple Moving Average. On the hourly chart of the BTC/USD pair, there is a key bullish trend line forming with support near $29,720. The immediate resistance is near the $30,000 level and the 100 hourly Simple Moving Average, followed by the first major resistance at $30,150. The next major resistance levels are $30,350 and $30,400. A close above the $30,400 level could initiate a fresh increase. Bitcoin price drops after rejection, bears target new lows.
In the stated case, the price could rise toward the $30,850 level. Any more gains could open the doors for a move toward the $31,200 resistance zone.
Fresh Low 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 $29,720 level and the trend line.
The next major support is near the $29,650 level, below which the price could revisit the key support at $29,500. If BTC fails to stay above the $29,500 support, the bears could aim for a fresh low below $29,200. The next support is near the $28,650 level. Any more losses might call for a move toward the $28,200 level 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 now below the 50 level.
Major Support Levels – $29,650, followed by $29,500.
Major Resistance Levels – $30,000, $30,150, and $31,400.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Comments