Bitcoin experienced a sharp decline after the resistance of $32,400 against the US Dollar. BTC needs to stay at or above $29,000.450 in order not to suffer further losses.
- Bitcoin experienced a fresh downturn after failing to surpass the $32,400 resistance area.
- The price currently trades below the $30,000 mark and the 100-hourly simple moving average.
- The hourly chart for the BTC/USD pair showed a breaking below the key bullish trendline with support at $31,750 (data feed Kraken).
- If the pair breaks both $29.450 and $29.400 support levels, it could continue its slide.
Bitcoin Prices Gains
From the $32,400 resistance area, Bitcoin prices began a new decline. A steady fall was observed below levels of $32,000, $31,500 and $31,500.
Additionally, the BTC/USD pair’s hourly chart showed a breaking below a crucial bullish trend line. Support was at close to $31,750. It traded below 50% Fib Retracement of the upward swing from the $28,250 swing low down to the $32,400 high.
Bitcoin’s price currently trades below $30,000 and the 100-hourly simple moving average. Also, the price consolidates near the 61.8% Fib Retracement level for the upward movement from $28,250 low to $32,400 high.
The $30,000 mark is the immediate resistance to the upside. Near the $30,000. The 100-hourly moving average and simple moving average are the next significant resistances.
Source: BTCUSD from TradingView.com
An increase in the price could occur if it moves clear above the $30,000.400 resistance. If the above scenario is true, then the price might rise towards $30,800. Next is $32,000, which will be the major resistance.
BTC Losses:
Bitcoin could move lower if it fails to break the $30,400 resistance level. Support for the downside lies near $29,450.
Next major support will be at the $29250 level. A break down below the $29250 level could put pressure on bulls. If this happens, then the price might retest the $28,250 support level. If the losses continue, the price could reach $27.500.
Technical indicators
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is correcting higher above the 30 level.
Major Support Levels – $29,450, followed by $28,250.
Major Resistance Levels – $30,000, $30,400 and $30,800.
