Bitcoin price drops below $29,500. BTC could start a fresh increase if it sees a close above the $30,000 resistance zone.
- Bitcoin is slowly moving lower than the $29,500 pivot point.
- The price is trading below $29,300 and the 100 Simple hourly moving average.
- A major bullish trendline is forming with support near USD 29,100 on the BTC/USD pair hourly chart (Kraken data feed).
- The pair could attempt another rise towards the $29,750 resistance zone.
Bitcoin Price Begins New Decline
Bitcoin price struggled to break through the $30,000 resistance zone. BTC started a fresh decline below the $29,750 and $29,500 support levels.
There was a close below $29,200 and the 100 hourly Simple moving average. The price even peaked below the $29,000 level. A low is forming near USD 28,932 and the price is now consolidating losses. The price is now trading near the 23.6% Fib retracement level of the downward move from the $30,000 swing high to the $28,932 low.
Bitcoin is now trading below $29,300 and the 100 simple hourly moving average. A major bullish trendline is also forming with support near USD 29,100 on the hourly chart of the BTC/USD pair.
Immediate resistance is near the $29,275 zone and the 100 hourly simple moving average. The first major resistance is still near the $29,450 level or the 50% Fib retracement level of the downward move from the $30,000 swing high to the $28,932 low.
Source: BTCUSD at TradingView.com
The next major resistance is near the $29,750 level, above which the price could rise towards the $30,000 resistance zone. A close above the $30,000 resistance zone could spark quite a rise. In the said case, the price may even surpass the $30,400 resistance.
Lose more in BTC?
If Bitcoin fails to clear the $29,450 resistance, it could start a fresh decline. Immediate support on the downside is near the $29,100 level and trendline.
The next major support is near the $28,750 level, below which the price could accelerate lower. The next support is near the USD 28.40 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 – $29,100 followed by $28,750.
Major resistance levels – $29,450, $29,750 and $30,000.