Bitcoin Price Stuck In Key Range, Why Dips Might Be Limited


Bitcoin once again failed to clear the $30,600 resistance area against the US Dollar. BTC is falling, but the bulls may remain active near $28,500.

  • Bitcoin failed to gain strength to move above the $30,600 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 $29,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue moving lower towards the key support area of ​​$28,700.

Bitcoin price rises again

Bitcoin price tried a new increase from $28,500 support area. There was a clear move above the $30,000 resistance area and the 100 hourly simple moving average.

However, the bears once again activated near the $30,600 resistance area. A rally formed near $30,630 and the price started declining again. There was a sharp reaction below the $30,000 support area and 100-hour simple moving average.

Bitcoin traded below the 50% Fib retracement level of the upward move from $28,700 to the high of $30,630. Besides, there was a break below the major uptrend line with support near $29,800 on the hourly chart of the BTC/USD pair.

The price rose below the 76.4% Fib retracement level of the upward move from $28,700 to the high of $30,630. It is now consolidating, with the immediate resistance near the $29,500 level.

Bitcoin price

Source: BTCUSD on TradingView.com

The next major resistance is near the $29.650 level and the hourly 100 SMA. The first major resistance is near the $30,000 level. A clear move above the $30,000 resistance level could send the price towards the key $30,600 resistance area.

More losses in bitcoin?

If Bitcoin fails to clear the $29,650 resistance area, it may continue to move lower. There is immediate support on the downside near the $29,000 level.

The first major support is near the $28,850 level. The main support is near the $28,500 level. A clear move below the $28,500 support area could start a significant decline. In the aforementioned case, the price could drop to $27,800.

Technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Key support levels – $28,850, followed by $28,500.

Key resistance levels – $29,650, $30,000, and $30,600.



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