Bitcoin price started a downside correction from $30,200. BTC is now trading near the previous breakout resistance at $29,400.
Bitcoin is correcting gains and trading below the $29,800 level.
The price is trading above $29,400 and the 100 hourly Simple moving average.
There was a break below a key bullish trend line with support near $29,840 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase if it stays above the $29,400 support zone.
Bitcoin price started a decent increase above the $29,400 and $29,500 resistance levels. BTC even broke the $30,000 level but there was no daily close. A high was formed near $30,190 and the price started a downside correction.
There was a move below the $30,000 and $29,800 levels. The price dipped below the 23.6% Fib retracement level of the upward move from the $28,628 swing low to the $30,190 high. Besides, there was a break below a key bullish trend line with support near $29,840 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading above $29,400 and the 100 hourly Simple moving average. It is also holding the key pivot zone at $29,400. It is close to the 50% Fib retracement level of the upward move from the $28,628 swing low to the $30,190 high.
Immediate resistance is near the $29,680 level. The first major resistance is near the $29,800 level. The next major resistance is near the $30,000 level, above which the price could revisit $30,200.
Source: BTCUSD on TradingView.com
A close above the $30,200 resistance might start another steady increase. In the stated case, the price could test $31,200 or even $32,000 in the coming days.
If Bitcoin fails to clear the $29,800 resistance, it could start a fresh decline. Immediate support on the downside is near the $29,400 level.
The next major support is near the $29,300 level or the 100 hourly SMA. A downside break below the $29,300 level might spark bearish moves. In the stated case, the price could revisit $29,000. Any more losses might call for a move toward the $28,680 level in the near term.
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 – $29,400, followed by $29,300.
Major Resistance Levels – $29,800, $30,000, and $30,200.
[#item_full_content]NewsBTCRead MoreMany in the crypto space have echoed a familiar sentiment over recent months: “The four-year…
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten…
Bitcoin (BTC) is retesting a crucial support area after its price slid 5% from the…
Despite the Bitcoin price recovery above the crucial $90,000 threshold—a level that has historically served…
Fundstrat’s Tom Lee told attendees at Binance Blockchain Week that he believes the worst leg…
The Binance Blockchain Week event in Dubai became the center of a high-stakes showdown between…