Bitcoin price drops below the USD 30,500 pivot level. BTC could drop sharply if it closes below the $29,800 support zone in the near term.
- Bitcoin is moving lower below the $30,500 support zone.
- The price is trading below $30,500 and the 100 simple hourly moving average.
- There was a break below a contracting triangle with support near USD 30,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend its decline if it stays below USD 31,200 for a long time.
Bitcoin price is showing bearish signs
Bitcoin price moved into the red zone after breaking through the $30,500 support zone. BTC traded below the USD 30,000 level, but downsides were limited.
The price appears to be trading in a range above the $29,850 support zone. There was movement above the 23.6% Fib retracement level of the downward move from the $31,630 swing high to the $29,868 low. The price even attempted another increase above the $30,500 resistance, but failed.
Bitcoin is now trading below $30,500 and the 100 simple hourly moving average. There was also a break below a contracting triangle with support near USD 30,200 on the hourly chart of the BTC/USD pair.
If there is another increase, the price may encounter resistance near the $30,300 level and the 100 Simple hourly moving average. The next resistance is near the USD 30,500 zone, above which the price could test USD 30,750 again. It is close to the 50% Fib retracement level of the downward move from the $31,630 swing high to the $29,868 low.
Source: BTCUSD at TradingView.com
If the bulls push the price above the USD 30,750 level, there could be a drift towards USD 31,000. The next major resistance is near the USD 31,400 level. More gains could open the door for a move into the $32,000 resistance zone.
Lose more in BTC?
If the price of Bitcoin fails to clear the $30,300 resistance, it could fall further. Immediate downside support is near the $30,000 level.
The next major support is near the $29,850 level, below which there could be a drop to $29,400. More losses could send the price towards the $28,800 level.
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.
Key Support Levels – $29,850 followed by $29,400.
Major resistance levels – $30,300, $30,500 and $30,750.
