Bitcoin price at risk for next leg lower.
Bitcoin price is moving lower from the $30,200 zone. BTC is signaling a fresh decline and there is a risk of a drop toward the $28,500 support.
Bitcoin is struggling to remain in a positive zone above $29,200.
The price is trading below $29,500 and the 100 hourly Simple moving average.
There is a connecting bearish trend line forming with resistance near $29,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue to move down if it breaks the $29,200 support zone.
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Bitcoin Price Trims Gains
Bitcoin's price faced rejection once again above the $30,000 resistance zone. The price formed a high near $30,190 and reacted to the downside, falling below the $30,000 and $29,800 levels. The price has declined below the 50% Fib retracement level of the key increase from the $28,628 swing low to the $30,190 high. At present, the bulls are showing some resistance near the $29,300 zone. Bitcoin is currently trading below $29,500 and the 100 hourly Simple Moving Average. On the hourly chart of the BTC/USD pair, there is a bearish trend line forming with resistance near $29,450. If there is a fresh increase, the pair could face resistance near the 100 hourly Simple Moving Average at $29,400.
The next major resistance is near the trend line and $29,500. A close above the trend line could start a decent increase toward $30,000. To spark a steady uptrend, the price must settle above the $30,000 resistance. In the stated case, the price could rise toward $31,200 or even $32,000 in the coming days.
More Losses In BTC?
Bitcoin is facing resistance at the $29,500 level and may continue to move downwards. The immediate support is at $29,320, followed by a major support level at $29,220 or the 61.8% Fibonacci retracement level. If the price breaks below the $29,220 level, it could lead to bearish moves and a potential revisit of $29,000. Further losses may result in a move towards the $28,500 level in the near term.
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 – $29,220, followed by $29,000.
Major Resistance Levels – $29,400, $29,500, and $30,000.
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.