Bitcoin price is falling from the $29,500 zone. BTC is showing bearish signs and it could decline further below the USD 29,000 support zone.
- Bitcoin is gaining bearish momentum below the $29,500 support.
- The price is trading below $29,500 and the 100 Simple hourly moving average.
- A connecting bearish trendline is forming with resistance near USD 29,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could drop further if it stays below USD 30,000 for a long time.
Bitcoin Price Trimming Profits
Bitcoin price failed to break above the USD 30,000 resistance zone. BTC started another decline below the USD 29,650 and USD 29,500 levels to move into a bearish zone.
It tested the $29,100 support zone. A low is formed near $29,100 and the price is now consolidating losses. There was a minor upside correction above the $29,250 resistance zone. It clears the 23.6% Fib retracement level of the downward move from the $29,694 swing high to the $29,100 low.
Bitcoin is now trading below $29,500 and the 100 simple hourly moving average. A contiguous bearish trendline is also forming with resistance near USD 29,400 on the hourly chart of the BTC/USD pair.
Immediate resistance is near the $29,360 level. The next major resistance is near the trendline and $29,400. It is close to the 50% Fib retracement level of the downward move from the $29,694 swing high to the $29,100 low. A close above the trendline could start a decent rise to $29,650.
Source: BTCUSD at TradingView.com
The main resistance is still near the $30,000 level. A close above $30,000 could start a steady rise. In the said case, the price could rise to USD 30,500 or even USD 31,200 in the coming days.
Lose more in BTC?
If Bitcoin fails to clear the $29,400 resistance, it could fall further. 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 could trigger another steady decline. In the said case, the price could reach $28,800 again. Any more losses could lead to a move towards 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.
