Bitcoin price extended its decline and peaked below USD 30,000. BTC is showing some bearish signs and could extend its decline towards the $28,400 support zone.
- Bitcoin is moving lower below the $30,500 support zone.
- The price is trading below $30,300 and the 100 hourly simple moving average.
- There was a break below a key bullish trendline with support near USD 30,500 on the hourly chart of the BTC/USD pair (Kraken data feed).
- The pair could extend its decline and test the $28,400 support zone.
Bitcoin price extends decline
Bitcoin price remained well below the USD 31,000 resistance zone. BTC spiked higher, but gains were limited above the $31,400 resistance. As a result, the price reacted to the downside below the $31,000 level.
The price fell below the $30,650 and $30,500 levels. In addition, there was a break below a key bullish trendline with support near USD 30,500 on the hourly chart of the BTC/USD pair. It even spiked below the $30,000 support zone.
A low is forming near USD 29,868 and the price is now consolidating losses. Bitcoin is now trading below $30,300 and the 100 simple hourly moving average.
Immediate resistance is near the $30,280 level. It is close to the 23.6% Fib retracement level of the recent drop from the $31,631 swing high to the $29,868 low. The first major resistance is near the USD 30,500 level, above which the price could start a decent recovery wave.
The next resistance is near USD 30,750 and the 100 simple hourly moving average. It is close to the 50% Fib retracement level of the recent drop from the $31,631 swing high to the $29,868 low, above which the price could retest $31,000.
Source: BTCUSD at TradingView.com
A clear move above the $31,000 resistance could push the price further. The next major resistance is near the USD 31,400 level. More gains could open the door for a move into the $32,000 resistance zone.
Lose more in BTC?
If the price of Bitcoin fails to clear the $30,500 resistance, it could fall further. Immediate downside support is near the $29,850 level and the recent low.
The next major support is near the $29,000 level, below which there could be a drop to $28,400. More losses could send the price to the $28,000 level.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $29,850 followed by $29,000.
Major resistance levels – $30,280, $30,500 and $30,750.
