Bitcoin price is falling from the USD 30,200 zone. BTC is signaling a fresh decline and there is a risk of a decline towards the USD 28,500 support.
- Bitcoin is struggling to stay in a positive zone above USD 29,200.
- The price is trading below $29,500 and the 100 Simple hourly moving average.
- A connecting bearish trendline is forming with resistance near USD 29,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could drop further if it breaks the $29,200 support zone.
Bitcoin Price Trimming Profits
Bitcoin price again rejected above the $30,000 resistance zone. A high was formed near USD 30,190 and BTC reacted on the downside. There was movement below the $30,000 and $29,800 levels.
The price fell below the 50% Fib retracement level of the main increase from the $28,628 swing low to the $30,190 high. It looks like the bulls are now fighting near the $29,300 zone. 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 29,450 on the hourly chart of the BTC/USD pair. If there is another increase, the pair could face resistance near the 100 hourly simple moving average of $29,400.
Source: BTCUSD at TradingView.com
The next major resistance is near the trendline and $29,500. A close above the trendline could start a decent rise to $30,000. To initiate a steady uptrend, the price must break above the $30,000 resistance. In the said case, the price could rise to $31,200 or even $32,000 in the coming days.
Lose more in BTC?
If Bitcoin fails to clear the $29,500 resistance, it could fall further. Immediate support on the downside is near the $29,320 level.
The next key support is near the $29,220 level or the 61.8% Fib retracement level of the main rise from the $28,628 swing low to the $30,190 high. A downside break below the $29,220 level could lead to bearish moves. In the said case, the price could be $29,000. 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 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 – $29,220, followed by $29,000.
Major resistance levels – $29,400, $29,500 and $30,000.
