Bitcoin price is moving lower from the $30,350 level. BTC is showing bearish signs and could decline further towards the $29,650 and $29,500 support levels.
Bitcoin is moving below the $30,000 pivot level. The price is trading below $30,000 and the 100 hourly simple moving average. A key uptrend line is forming with support near $29,720 on the hourly chart of the BTC/USD pair (Kraken data feed). The pair could extend its decline below the $29,500 support zone.
Bitcoin price turns red again
Bitcoin price attempted a further rise above the $30,400 resistance zone. However, BTC struggled to break above the $30,350 level and a new decline began.
There was a bearish reaction below the $30,000 support zone and the 100 hourly simple moving average. The price dipped below the 61.8% Fibonacci retracement level of the up move from the $29,650 low to $30,333 high.
Bitcoin is trading below $30,000 and the 100 hourly simple moving average. There is also a key uptrend line forming with support near $29,720 on the hourly chart of the BTC/USD pair.
Immediate resistance is near the $30,000 level and the 100 hourly simple moving average. The first major resistance is near the $30,150 level. The next major resistance is near the $30,350 and $30,400 levels. A close above the $30,400 level could start a new rally.
Source: BTCUSD on TradingView.com
In the indicated case, the price could rally towards the $30,850 level. More gains could open the doors for a move towards the $31,200 resistance zone.
New low in BTC?
If Bitcoin fails to clear the $30,000 resistance, it could continue moving lower. Immediate support on the downside is near the $29,720 level and the trend line.
The next major support is near the $29,650 level, below which price could revisit the key support at $29,500. If BTC fails to hold above the $29,500 support, bears could target a new low below $29,200. The next support is near the $28,650 level. Any further losses could require a move towards the $28,200 level in the short term.
Technical indicators:
Hourly MACD – The MACD is now picking up pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Highest support levels: $29,650, followed by $29,500.
Main resistance levels: $30,000, $30,150 and $31,400.
This post Bitcoin Price Tumbles After Rejection, Here’s Why Bears Are Targeting New Lows
was published first on https://www.newsbtc.com/analysis/btc/bitcoin-price-plunges-30k/
