Bitcoin price is moving down from the $30,350 level. BTC is showing bearish signs and it might decline further towards the $29,650 and $29,500 support levels.
- Bitcoin is moving below the $30,000 pivot level.
- The price is trading below $30,000 and the 100 hourly simple moving average.
- 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 settle clearing 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 61.8% Fibonacci retracement of the upward move from $29,650 swing low to $30,333 high.
Bitcoin is trading below $30,000 and the 100 hourly 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.
The 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 $30,400 could start a fresh increase.
source: BTCUSD on TradingView.com
In the mentioned case, the price may rise towards the $30,850 level. Any further gains could open the door for a move towards the $31,200 resistance area.
New low in BTC?
If Bitcoin fails to clear the $30,000 resistance, it could continue lower. An immediate support is found on the downside near the $29,720 level and the trend line.
The next major support is near the $29,650 level, below which the price could revisit the major support at $29,500. If BTC fails to stay above the $29,500 support, bears may aim for a fresh decline below $29,200. The next support is near the $28,650 level. Any further losses would require a move towards the $28,200 level in the near term.
Technical indicators:
Hourly MACD – The MACD is gaining momentum now in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Key Support Levels – $29,650, followed by $29,500.
Key Resistance Levels – $30,000, $30,150, $31,400.
