Bitcoin price extended its decline and surged below $30,000. BTC is showing some bearish signs and it could extend its decline towards the $28,400 support area.
Bitcoin is declining below the $30,500 support area.
It is trading below $30,300 and the 100 hourly simple moving average.
There was a break above a key bullish trend line with support near $30,500 on the hourly chart of the BTC/USD pair (data source from Kraken).
The pair is likely to extend its decline and test the $28,400 support area.
Bitcoin price continues to fall
Bitcoin price remains well below the $31,000 resistance area. BTC surged, but the upside was limited above the $31,400 resistance. As a result, the price reacted to the downside below the $31,000 level.
The price declined below the $30,650 and $30,500 levels. Moreover, there was a break below a key bullish trend line with support near $30,500 on the hourly chart of the BTC/USD pair. It even broke below the $30,000 support area.
A low was formed near $29,868 and the price is currently consolidating losses. Bitcoin is currently trading below $30,300 and the 100 hourly simple moving average.
An immediate resistance is near the $30,280 level. It is close to the 23.6% Fib retracement level of the recent decline from the $31,631 swing high to $29,868 low. The first major resistance is near the $30,500 level, above which the price is likely to start a decent recovery wave.
The next resistance is near $30,750 and the 100 hourly simple moving average. It is close to the 50% Fib retracement level of the recent drop from the $31,631 swing high to $29,868 low, above which the price could retest $31,000.
A clear break above the $31,000 resistance could lead the price higher. The next major resistance is near the $31,400 level. Any further gains could open the doors for a move towards the $32,000 resistance area.
Bitcoin Loses More?
If the price of bitcoin fails to clear the $30,500 resistance, it is likely to continue to decline. An immediate support on the downside is near the $29,850 level and the recent lows.
The next major support is near the $29,000 level, below which a drop towards $28,400 is possible. If there are more losses, the price could rise towards the $28,000 level.
Technical indicators:
Hourly MACD – The MACD is currently accelerating in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.
Major Support Levels – $29,850, followed by $29,000.
Major Resistance Levels – $30,280, $30,500, and $30,750.