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Bitcoin price is correcting lower below the $30,350 level. BTC is showing bearish signs and it could decline further towards the $29,650 and $29,500 support levels.
- Bitcoin is declining below the $30,000 pivot level.
- The price is trading below the $30,000 and 100 hourly simple moving averages.
- There is a major bullish trend line forming with support near $29,720 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend its decline below the $29,500 support area.
bitcoin price turns red again
Bitcoin price attempted a fresh increase above the $30,400 resistance area. However, BTC struggled to overcome the $30,350 level and started a fresh decline.
There was a bearish reaction below the $30,000 support area and the 100 hourly simple moving average. The price declined below the 61.8% Fib retracement level of the decline from the $29,650 low to $30,333 high.
Bitcoin is trading below $30,000 and the 100-hour simple moving average. There is also a major bullish trend line forming with support near $29,720 on the hourly chart of the BTC/USD pair.
An immediate resistance is near the $30,000 level and the 100 hourly simple moving average. The first major resistance is near the $30,150 level. The next major resistance is near the $30,350 and $30,400 levels. A close above the $30,400 level could start a fresh rise.
Source: BTCUSD on Tradingview.com
In the mentioned case, the price could rise towards the $30,850 level. Any more gains could open the doors for a move towards the $31,200 resistance area.
Fresh decrease in BTC?
If bitcoin fails to clear the $30,000 resistance, it could continue to decline. On the downside, an immediate support is near the $29,720 level and the trend line.
The next major support is near the $29,650 level, below which the price could retest the key support at $29,500. If BTC fails to stay above the $29,500 support, the bears could aim for a fresh low below $29,200. The next support is near the $28,650 level. Any more losses may require a move towards the $28,200 level in the near term.
Technical Indicators:
Hourly MACD – The MACD is now gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level.
Key Support Levels – $29,650, followed by $29,500.
Key resistance levels are $30,000, $30,150, and $31,400.
