Bitcoin price is moving lower from the $29,500 zone. BTC is showing bearish signs and might decline further below the $29,000 support zone.
Bitcoin is gaining bearish momentum below the $29,500 support.
The price is trading below $29,500 and the 100 hourly Simple moving average.
There is a connecting bearish trend line forming with resistance near $29,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue to move down if it remains below $30,000 for a long time.
Bitcoin price vulnerable if below $30K. Bitcoin Price Trims Gains
The price of Bitcoin was unable to surpass the resistance zone of $30,000, leading to a decline below the levels of $29,650 and $29,500, resulting in a bearish trend. The cryptocurrency tested the support zone of $29,100 and formed a low near that level. Currently, the price is consolidating the losses. There was a slight correction above the resistance zone of $29,250, which cleared the 23.6% Fibonacci retracement level of the downward movement from the swing high of $29,694 to the low of $29,100. Bitcoin price vulnerable if below $30K.
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The current trading price of Bitcoin has fallen below $29,500 and the 100 hourly Simple Moving Average. On the hourly chart of the BTC/USD pair, a bearish trend line is forming with resistance near $29,400. The immediate resistance level is at $29,360, followed by the trend line and $29,400 as the next major resistance. These levels are close to the 50% Fib retracement level of the downward move from the $29,694 swing high to the $29,100 low. If the price manages to close above the trend line, it could indicate a potential increase towards $29,650.
The main resistance is still near the $30,000 level. A close above $30,000 could start a steady increase. In the stated case, the price could rise toward $30,500 or even $31,200 in the coming days.
More Losses In BTC?
If Bitcoin fails to clear the $29,400 resistance, it could continue to move down. Immediate support on the downside is near the $29,200 level.
The next major support is near the $29,000 level or the recent low. A downside break below the $29,000 level might start another steady decline. In the stated case, the price could revisit $28,800. Any more losses might call for a move toward the $28,500 level in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $29,200, followed by $29,000.
Major Resistance Levels – $29,400, $29,650, and $30,000.
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.
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