Bitcoin was unable to trade above $31,750 against USD. BTC dropped sharply to trade below the $30,000 resistance zone.
- Bitcoin began a new decline after it reached $31,750.
- The price currently trades below the $30,000 mark and the 100 hourly simple moving mean.
- A break was seen below a bullish trend line, with support close to $30,000. (Data feed from Kraken).
- This pair may continue to fall towards $28,500, or $28,000.
Bitcoin price plunges 6%
Bitcoin prices rose above $31,400 resistance. BTC failed to test the $32,000 threshold. BTC reached an all-time high at $31,725, and then began to decline again.
A strong move was seen below the $31,000- and $30,000.500 support levels. On the hourly BTC/USD chart, the pair broke below a crucial bullish trend line, with support close to $30,000. The price of the pair has fallen below the $30,000 mark and the 100 hourly moving average.
Now the bears want to make a move below $29,350. Near the $29,000.00 level is an immediate resistance to the upside. Near the $29,000.00 level is the first significant resistance. The Fib retracement level at 23.6% of the current decline from the $31,725 high to the $29,300 low is also near this area.
Source: BTCUSD at TradingView.com
Next is $30,120. If the price moves above $30,120, it could push the market towards the 50% Fib Retracement level, which is where bitcoin fell from its $31,725 swing high, to $29,300 bottom. Bitcoin price may rise to the $31,200 point if there are more gains.
BTC Losses:
Bitcoin could move lower if it fails to gain above the $30,000 resistance level. Support for the downside lies near $29,000.
Next major support will be at the $28,500 mark. A decline below the $28,500 level could trigger another drop. If this is the case, then the price might drop towards the $27.200 support area in the immediate term.
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 well below the 40 level.
Major Support Levels – $29,000, followed by $28,500.
Major Resistance Levels – $29,900, $30,120 and $30,500.