Bitcoin fell again short of the $30,000.00 resistance zone in relation to the US Dollar. BTC is falling, but bulls could remain active around $28,500.
- Bitcoin was unable to increase its strength enough for an upward move of $30,600.
- The current price of the stock is trading at below $30,000 and below the simple 100-hour moving average.
- The hourly chart for the BTC/USD pair showed a break below the major bullish trendline with support at $29,800 (data feed Kraken).
- This pair may continue their downward movement towards the $28,700 support zone.
Bitcoin Prices Rise Again
The Bitcoin price tried to increase again from the $28,500 support area. The price moved above the $30,000 resistance area and the 100-hourly simple moving average.
But, bears were active again near the $30,000. resistance zone. The price fell again after a high near $30,000. The price reacted sharply below the $30,000 support area and the 100-hourly simple moving average.
Bitcoin was trading below the 50% Fib Retracement level for the upward swing from the $28,700 swing high to the $30,630 low. On the hourly chart for the Bitcoin/USD pair, the price also broke below a significant bullish trend line that had support close to $29,000.
It even climbed below the 76.4% Fib Retracement level, which was the peak of the upward swing from $28,700 to $30.630 low. The price is consolidating now, and there’s immediate resistance at the $29,000.
Source: BTCUSD from TradingView.com
Near the $29650 level, and the 100 hourly SMA is the next significant resistance. Near the $30,000 mark is the first major resistance. If the price moves above $30,000, it could push the price toward the $30,000.
BTC: More losses
Bitcoin could move lower if it fails to break the $29650 resistance level. The $29,000 mark is a support level for the downside.
Near the $28,850 mark is the first major support. Near the $28,500 support level is the main support. A move below $28,500 could signal a significant decline. The price may plunge to $27 800 in the above scenario.
Indicators technical
Hourly MACD – The MACD is now slowly 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 – $28,850, followed by $28,500.
Major Resistance Levels – $29,650, $30,000 and $30,600.
