Bitcoin price is struggling to climb above USD 29,500. BTC continues to risk more downsides if it closes below the USD 28,800 support.
- Bitcoin is still struggling to gain pace above the $29,500 pivot level.
- The price is trading below $29,200 and the 100 Simple hourly moving average.
- A major bearish trendline is forming with resistance near USD 29,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could attempt another rise towards the $29,500 resistance zone.
Bitcoin price stuck in small range
Bitcoin price struggled to break through the $29,500 resistance zone. BTC started a fresh decline within the range and it traded below the USD 29,250 level.
There was a close below $29,250 and the 100 hourly Simple moving average. However, the bulls protected the range support at $28,800. Trading as low as $28,800, the price recently started a short-term upside correction.
There was movement above the 23.6% Fib retracement level of the downward move from the $29,395 swing high to the $28,800 low. However, the bears were operating near the $29,200 resistance zone. A major bearish trendline is also forming with resistance near USD 29,100 on the hourly chart of the BTC/USD pair.
Bitcoin price is trading below $29,200 and the 100 simple hourly moving average. Immediate resistance is near the $29,100 zone, the trendline and the 100 hourly simple moving average. It is close to the 50% Fib retracement level of the downward move from the $29,395 swing high to the $28,800 low.
Source: BTCUSD at TradingView.com
The first major resistance is near the $29,400 level. The next major resistance is near the $29,500 level, above which the price could rise towards the $29,750 resistance zone. A close above the $29,750 resistance zone could spark quite a rise. In the said case, the price may even surpass the $30,000 resistance.
Lose more in BTC?
If Bitcoin fails to clear the $29,100 resistance, it could start another decline. Immediate support on the downside is near the $29,000 level.
The next major support is near the $28,800 level, below which the price could accelerate lower. The next support is near the $28,400 level. Any more losses could lead to a move towards the $28,000 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 – $29,000 followed by $28,800.
Major resistance levels – $29,100, $29,400 and $29,500.
