Bitcoin’s price is falling towards $29,500 against the US Dollar. To avoid major downsizing, BTC should remain above $29,000.
- Bitcoin struggles to remain above the $29 500 support zone.
- The current price of the stock is trading at below the $30,000.500 and 100-hourly simple moving average.
- A key contracting triangle is seen forming near $31,050 in the hourly chart on the BTC/USD pairs (data feed Kraken).
- A break below the $29,000.500 support could cause a serious decline in the pair.
Bitcoin Price Shows Bearish Signs
The Bitcoin price did not gain any strength beyond the $31,200 or $31,500 resistance levels. There was not a clear trend and Bitcoin price began a new decline below $31,000
The price moved below the $30.850 and $30.500 support levels. It even jumped below $30,000 and closed below the 100 hourly simple moving mean. The price traded near the $29,000. Support zone, and reached a low of $29,561.
Bitcoin is consolidating losses now and trading above $29,800. The $30,030 mark is the immediate resistance. This is close to the 23.6% Fib Retracement level for the decline from $31,550 swing high, $29,561 low.
It is located near the $30,000.00 level and 100 hourly SMA. The Fib level is close to the 50% Fib Retracement level for the decline from $31,550 swing high and $29,561 low.
Source: BTCUSD at TradingView.com
Near the $31,000 mark is the main resistance. The hourly chart shows a contracting triangle with resistance close to $31,050. Clear moves higher than the resistance of $31,050 could push the price even further. A move above the $31,050 resistance level could trigger a significant price increase.
BTC Downside Break
It could fall further if bitcoin does not clear the $31,050 barrier. Support for the downside lies near $29650.
Next major support will be at the $29,000. The bulls could feel a lot more pressure if they fall below $29,500. The price may drop to the $28,500 level in this scenario.
Indicators technical
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $29,800, followed by $29,500.
Major Resistance Levels – $30,500, $31,050 and $31,500.