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Bitcoin price is still facing a major hurdle near $31,000. If BTC holds below $31,000 for a long time, a drop below $29,800 is possible.
- Bitcoin is still consolidating below the $31,000 resistance area.
- The price is trading below $30,500 and the 100 hourly simple moving average.
- There is a major declining channel forming with resistance near $30,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to decline towards the $29,550 support or $29,000.
bitcoin price stuck in a range
Bitcoin price remained in a large range below the $31,000 resistance area. BTC made another attempt to gain momentum above the $31,000 resistance but failed.
A higher level was formed near $31,008 before a fresh decline. There was a move below the $30,500 level, but the bulls were active above the $29,800 area. There is a bottom level near $29,834 and the price is now trading in a range.
It is trading near the 23.6% Fibonacci retracement level of the recent decline from the $31,008 high to $29,834 low. Bitcoin price is now trading below $30,500 and the 100-hour simple moving average. There is also a major declining channel forming with resistance near $30,200 on the hourly chart of the BTC/USD pair.
An immediate resistance is near the $30,200 level. The first major resistance is near the $30,420 level or the 100 hourly simple moving average. It is near the 50% Fibonacci retracement level of the recent decline from the $31,008 high to $29,834 low, above which the price could retest the $31,000 resistance area.
Source: BTCUSD on Tradingview.com
BTC could move higher towards $31,500 if it breaks the $31,000 resistance. Any more gains could open the doors for a move towards the $32,200 resistance area.
More Losses in BTC?
If bitcoin price fails to overcome the $30,420 resistance, it could continue to decline. On the downside, an immediate support is near the $30,000 level.
The next major support is near the $29,850 level, below which there could be a decline towards the $29,550 support. Any further losses could send the price towards the $29,000 area in the near term.
Technical Indicators:
Hourly MACD – The MACD is now losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well below the 50 level.
Key Support Levels – $30,000, followed by $29,550.
Key Resistance Levels – $30,200, $30,420, and $31,000.
