Bitcoin Price Resumes Decline, Can The Bulls Save This Support


Bitcoin started a new decline from the $32,400 resistance against the US Dollar. BTC must remain above $29,450 to avoid further downside.

  • Bitcoin started a new decline after it failed to clear the $32,400 resistance area.
  • The price is now trading below the $30,000 level and the 100 hourly simple moving average.
  • There was a break below the major uptrend line with support near $31,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could extend its decline if it breaks the $29,450 and $29,400 support levels.

Bitcoin price gains

Bitcoin price started another drop from $32,400 resistance area. There was a steady decline below $32,000 and $31,500.

More importantly, there was a break below the major uptrend line with support near $31,750 on the hourly chart of the BTC/USD pair. The pair traded below the 50% Fib retracement level of the upward move from the $28,250 swing low to $32,400.

Bitcoin price is now trading below $30,000 and 100-hour simple moving average. The price is also consolidating near the 61.8% Fibonacci retracement level of the upward move from the $28,250 swing low to $32,400.

There is an immediate resistance on the upside near the $30,000 level. The next major resistance is near $30,400 and the 100 hourly simple moving average.

Bitcoin price

Source: BTCUSD on TradingView.com

The obvious move above the $30,400 resistance could start another increase. In the mentioned case, the price could rise towards the $30,800 resistance. The next major resistance is near the $32,000 level.

More losses in bitcoin?

If Bitcoin fails to clear the $30,400 resistance area, it may continue to move lower. There is immediate support on the downside near the $29,450 level.

The next major support is near the $29,250 level. A break-down below the $29,250 support level could put a lot of pressure on the bulls. In the mentioned case, the price could revisit the $28,250 support area. Any further losses could send the price towards the $27,500 level.

Technical indicators:

Hourly MACD The MACD is now losing its momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is correcting higher above the 30 level.

Key support levels – $29,450, followed by $28,250.

The main resistance levels are $30,000, $30,400, and $30,800.



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