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.
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.
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.
