Bitcoin needs to surpass $30,500 for a potential new rally.
Bitcoin price is again moving lower toward the $29,200 level. BTC must surpass $30,500 to attempt a fresh increase in the near term.
Bitcoin is showing bearish signs and trading well below the $30,500 zone.
The price is trading below $30,300 and the 100 hourly Simple moving average.
There is a key bearish trend line forming with resistance near $30,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue to move down if it stays below the $30,500 resistance.
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Bitcoin needs to surpass $30,500 for a potential new rally. Bitcoin Price Extends Decline
Bitcoin price made an attempt to rise above the $30,250 level, but it was not able to gain enough momentum. As a result, BTC stayed below the crucial resistance zone of $30,500. The price reached a high of around $30,447 before it fell below $30,000 and hit a new weekly low of $29,669. Currently, it is recovering from the losses and has broken the 50% Fib retracement level of the recent decline from the $30,447 swing high to the $29,669 low. Bitcoin needs to surpass $30,500 for a potential new rally.
At present, Bitcoin is trading below $30,300 and the 100 hourly Simple Moving Average. Immediate resistance is anticipated near the $30,200 level. An important bearish trend line is also forming with resistance near $30,200 on the hourly chart of the BTC/USD pair. This trend line is close to the 61.8% Fib retracement level of the recent decline from the $30,447 swing high to the $29,669 low.
The first significant resistance is expected near $30,265, while the main resistance is forming around the $30,450 and $30,500 levels. A close above the $30,500 level might start a fresh increase.
The next major resistance is near the $30,850 level. Any more gains could open the doors for a move toward the $31,500 resistance zone.
More Losses in BTC?
Bitcoin may face a downside movement if it fails to surpass the resistance level of $30,500. The immediate support level is at $29,850, followed by a major support level at $29,550. If the price falls below this level, it may lead to a further drop towards the support zone of $29,200. In case of more losses, the price may approach the $28,750 level in the near future.
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.
Major Support Levels – $29,850, followed by $29,200.
Major Resistance Levels – $30,200, $30,265, and $30,500.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.