Bitcoin price failed to gain bullish momentum after the US CPI release. BTC is trading below USD 30,500 and there is a risk of a decline towards USD 29,850.
- Bitcoin failed to clear the $30,850 resistance and reacted on the downside.
- The price is trading below $30,500 and the 100 simple hourly moving average.
- There was a break below a contiguous bullish trendline with support near USD 30,620 on the BTC/USD pair hourly chart (Kraken data feed).
- The pair could drop further if it fails to stay above the USD 30,200 support.
Bitcoin price faces another rejection
Bitcoin price attempted another rise above the $30,500 resistance zone. BTC climbed above the USD 30,750 level, but the bears were active near the USD 30,850 resistance zone.
A high was formed near $30,850 and the price reacted on the downside. There was a break below a contiguous bullish trendline with support near USD 30,620 on the hourly chart of the BTC/USD pair. The pair even fell below the USD 30,500 support.
A low is forming near USD 30,230 and the price is now consolidating losses. Bitcoin is now trading below $30,500 and the 100 simple hourly moving average.
It is stuck near the 23.6% Fib retracement level from the recent drop from the $30,850 swing high to the $30,230 low. Immediate resistance is near the $30,400 level and the 100 simple hourly moving average. The next resistance is near the $30,550 zone.
Source: BTCUSD at TradingView.com
The 50% Fib retracement level of the recent drop from the $30,850 swing high to the $30,230 low is also near $30,550, above which the price could gain bullish momentum. In the said case, BTC could rise towards the USD 30,850 resistance. The next major resistance is near the USD 31,000 level. Any further gains could open the door for a move towards the $31,400 resistance zone.
Lose more in BTC?
If the price of Bitcoin fails to clear the $30,500 resistance, it could trigger another decline. Immediate support on the downside is near the $30,230 level.
The next major support is near the $30,000 level, below which there could be a drop towards the $29,850 support zone. Any more losses could send the price towards the $29,400 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 – $30,230, followed by $30,000.
Major resistance levels – $30,400, $30,550 and $31,000.
