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Home»Analysis»Bitcoin price key indicators suggest a strong case for more losses
Analysis

Bitcoin price key indicators suggest a strong case for more losses

2023-08-16No Comments2 Mins Read
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Bitcoin price drops below $29,500 zone. BTC continues to risk more downsides below the $29,000 support zone.

  • Bitcoin is still trading well below the $29,650 resistance zone.
  • The price is trading below $29,300 and the 100 Simple hourly moving average.
  • A connecting bearish trendline is forming with resistance near USD 29,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could drop further and break the $29,000 support zone.

Bitcoin price turns red

Bitcoin price failed to start a recovery wave above the $29,500 resistance zone. BTC started falling again from the swing high of USD 29,450. There was clear movement below the $29,250 level.

The price retested the $29,100 support zone. A low is forming near USD 29,075 and the price is now consolidating losses. It is trading above the 23.6% Fib retracement level from the recent drop from the $29,450 swing high to the $29,075 low.

Bitcoin is now trading below $29,300 and the 100 simple hourly moving average. A contiguous bearish trendline is also forming with resistance near USD 29,250 on the hourly chart of the BTC/USD pair.

Immediate resistance is near the $29,250 level and trendline. It is close to the 50% Fib retracement level of the recent drop from the $29,450 swing high to the $29,075 low. The next major resistance is near $29,360 and the 100 simple hourly moving average.

Bitcoin price

Source: BTCUSD at TradingView.com

The first major resistance is now forming near the $29,500 level. The main resistance is still near $29,650. A close above the $29,650 resistance could start a decent rise towards the $30,000 resistance zone. More gains could set the pace for a bigger rise towards $30,500.

See also  Bitcoin looks at $45,000 ahead of FOMC decision

Lose more in BTC?

If Bitcoin fails to clear the $29,360 resistance, it could fall further. Immediate support on the downside is near the $29,100 zone.

The next major support is near the $29,000 level. A downside break below the $29,000 level could trigger another steady decline. In the said case, the price could drop to $28,400.

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 – $29,100, followed by $29,000.

Major resistance levels – $29,250, $29,360 and $29,500.

Source link

Bitcoin case Indicators Key losses Price strong Suggest
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