Bitcoin price is falling from the USD 30,350 level. BTC is showing bearish signs and it could decline further towards the USD 29,650 and USD 29,500 support levels.
- Bitcoin is moving lower below the $30,000 pivot point.
- The price is trading below $30,000 and the 100 simple hourly moving average.
- A major bullish trendline is forming with support near USD 29,720 on the BTC/USD pair hourly chart (Kraken data feed).
- The pair could extend its decline below the $29,500 support zone.
Bitcoin price turns red again
Bitcoin price attempted another rise above the $30,400 resistance zone. However, BTC struggled to pass the USD 30,350 level and it started a fresh decline.
There was a bearish reaction below the $30,000 support zone and the 100 Simple hourly moving average. The price fell below the 61.8% Fib retracement level of the upward move from the $29,650 swing low to the $30,333 high.
Bitcoin is trading below $30,000 and the 100 simple hourly moving average. A major bullish trendline is also forming with support near USD 29,720 on the hourly chart of the BTC/USD pair.
Immediate resistance is near the $30,000 level and the 100 hourly simple moving average. The first major resistance is near the USD 30,150 level. The next major resistance is near the $30,350 and $30,400 levels. A close above the USD 30,400 level could trigger a fresh increase.
Source: BTCUSD at TradingView.com
In the said case, the price could rise towards the $30,850 level. More gains could open the door for a move into the $31,200 resistance zone.
Fresh low in BTC?
If Bitcoin fails to clear the USD 30,000 resistance, it could fall further. Immediate support on the downside is near the $29,720 level and trendline.
The next key support is near the $29,650 level, below which the price might revise the key support at $29,500. If BTC fails to stay above the USD 29,500 support, the bears could aim for a new low below USD 29,200. The next support is near the $28,650 level. More losses could lead to a move towards 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.