Bitcoin lost more than $32,000 to the US Dollar. BTC trading is below the $30,000 resistance zone and showing bearish sentiment.
- Bitcoin fell again and was trading at $30,000 below its support level.
- Today, the price trades below $30,000 as well as the simple 100-hour moving average.
- A key bearish trendline is emerging with resistance close to $31,000 in the hourly BTC/USD chart (data feed Kraken).
- In the short term, the pair could accelerate below $27500 or $27,000 levels.
Bitcoin Prices Drop Below Key Support
BTC price attempted to rebound above the $32,000 mark. BTC was unable to keep going higher, and it began a new decline of $31,000.
The price fell below the $30,000 level and settled lower than the simple 100-hour moving average. This decline accelerated below $29,000. Finaly, the price fell to $28,000 below its previous level, and it traded as low as $27700 for the third week.
Recently, the price of Bitcoin experienced a small upside correction to $29,000. Bitcoin recovered higher than the 23.6% Fib Retracement Level of Bitcoin’s recent drop from the $32,132 swing high at $27,700 to low.
The bears were still active at the $30,000 resistance level. However, the price was still below 50% Fib of the last decline between the $32,132 swing high at $27,000.0 and the $32,132 swing low at $277,0000. The hourly BTC/USD chart shows a significant bearish trendline with resistance close to $31,000.
Source: BTCUSD from TradingView.com
Next key resistance may be at the $31,500 area. The price is expected to continue its steady upward trend if it breaks the $32,000 barrier.
BTC Losses:
It could fall further if bitcoin does not clear the $30,000 threshold. Support for the downside lies near $28,200.
Next major support can be seen at the $27 700 level. Potential losses could accelerate if there is a downside break or a dip below the $27,000. Next major support is $27,200. Below which bears may aim for a move to the $26,500 zone.
Indicators technical
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 – $28,200, followed by $27,700.
Major Resistance Levels – $29,500, $30,000 and $31,400.
