Bitcoin is moving lower to the major support of $ 29,500 against the US Dollar. BTC should stay above $ 29,500 to avoid a major downside break.
- Bitcoin is struggling to stay above the $ 29,500 support zone.
- The price is currently trading below the $ 30,500 level and is a simple 100 hour moving average.
- There is a key contract triangle formed with resistance near $ 31,050 on the hourly chart of the BTC / USD pair (data feed from Kraken).
- The pair could start a big decline if there is a break below the $ 29,500 support.
Bitcoin Price Shows Bearish Sign
the Bitcoin price failed to gain top strength The resistance levels are $ 31,200 and $ 31,500. However, there was no clear move, and the price began to drop below $ 31,000.
There is a move below the $ 30,850 and $ 30,500 support levels. The price even spiked below the $ 30,000 level and settled lower 100 moving average per hour. It traded close to the $ 29,500 support zone and went low at $ 29,561.
Bitcoin is currently consolidating losses and trading above the $ 29,800 level. Direct resistance is on the rise near the $ 30,030 level. It’s close to the 23.6% Fib retracement level of a recent decline from a $ 31,550 swing high to a $ 29,561 low.
The first major resistance is near the $ 30,500 level and the 100 hourly SMA. It is near the 50% Fib retracement level of the recent decline from the $ 31,550 swing high to the $ 29,561 low.
Source: BTCUSD on TradingView.com
The main resistance is near the $ 31,000 level. There is also a key contract triangle formed with resistance near $ 31,050 on the hourly chart of the BTC/USD pair. A clear move above the $ 31,050 resistance level could send the price higher. The next major resistance could be $ 31,500, above which the price could start a good rise.
Downside Break in BTC?
If bitcoin fails to clear the $ 31,050 resistance zone, it could start another decline. Direct support at the bottom is near the $ 29,650 level.
The next major support is near the $ 29,500 level. A downside break below the $ 29,500 support could put a lot of pressure on the bulls. In that case, the price could drop to the $ 28,500 support zone in the near future.
Hourly MACD – MACD is currently losing in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently below the 50 level.
Key Support Level – $ 29,800, followed by $ 29,500.
Main Resistance Levels – $ 30,500, $ 31,050 and $ 31,500.