The #bitcoin price is still facing a major barrier near $31,000. BTC could correct lower below $29,800 if it remains below $31,000 for an extended period.
Bitcoin price is stuck
Bitcoin price remains below the $31,000 resistance zone. Bitcoin is making another attempt to accelerate above the $31,000 resistance but without success.
A high was formed near $31,008 before a fresh decline. There was a bearish move to the $30,500 level but the bulls have been active to keep the price above the $29,800 zone. A lower limit is formed near $29,834 and the price is currently trading that range.
Bitcoin is trading near the 23.6% Fib retracement level of the recent decline from $31,008 to $29,834. Bitcoin is currently trading below $30,500 and the 100h EMA holds steady.
Immediate resistance is near the $30,200 level. The first major resistance is near the $30,420 level or the 100h EMA. If bitcoin reaches above this level, the price could return to the $31,000 resistance area.
A break above the $31,000 resistance could send BTC towards $31,500. Any further gains could open the door for a move towards the $32,200 resistance area.
Can BTC continue to fall?
If Bitcoin price fails to clear the $30,420 resistance, it could continue to decline. Immediate support is near the $30,000 level.
The next major support level is near $29,850. If Bitcoin is below that level, it could see a decline towards the $29,550 support level. If there is any further decline, it is possible that Bitcoin price will return to the $29,000 area in the near future.
Technical indicators:
Hourly Indicator – The MACD is currently losing speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is below the 50 level.
Key support levels – $30,000, followed by $29,550.
Key resistance levels – 30,200, 30,420 and 31,000 USD.
