Bitcoin price failed to move above $31,000 and corrected lower. BTC could decline further towards the USD 30,000 support zone.
- Bitcoin is correcting gains from the $31,000 and $31,250 resistance levels.
- The price is trading below $30,800 and the 100 simple hourly moving average.
- There was a break below a contiguous bullish trendline with support near USD 30,750 on the BTC/USD pair hourly chart (Kraken data feed).
- The pair could extend its decline and test the $30,000 support zone.
Bitcoin price corrects lower
Bitcoin price failed to break above the USD 31,000 resistance zone. BTC started a downside correction below the USD 31,000 and USD 30,850 levels.
Moreover, there was a break below a contiguous bullish trendline with support near USD 30,750 on the hourly chart of the BTC/USD pair. The bears managed to push the price below $30,250. A low is forming near USD 30,160 and the price is now consolidating losses.
It is trading near the 23.6% Fib retracement level from the recent drop from the $31,373 swing high to the $30,160 low. Bitcoin is trading below USD 30,800 and the 100 simple hourly moving average.
Immediate resistance is near the $30,600 level. The first major resistance is near the USD 30,750 level and the 100 simple hourly moving average. It is close to the 50% Fib retracement level of the recent drop from the $31,373 swing high to the $30,160 low, above which the price could retest $31,000.
Source: BTCUSD at TradingView.com
A close above the $31,000 resistance could start a steady rise. 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 $31,750 resistance, it could fall further. Immediate downside support is near the $30,150 level and the recent low.
The next major support is near the USD 30,000 level, below which there could be a decline towards USD 29,550. More losses could send the price towards the $29,200 zone in the coming sessions.
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 – $30,150 followed by $30,000.
Major resistance levels – $30,750, $31,000 and $31,400.