Bitcoin price started a lower move from the $30,350 level. BTC is showing bearish signs and it could decline further towards the $29,650 and $29,500 support levels.

  • Bitcoin is declining below the $30,000 pivot level.

  • It is trading below $30,000 and the 100 hourly simple moving average.

  • There is a key bullish trend line forming with support near $29,720 on the hourly chart of the BTC/USD pair (data source from Kraken).

  • The pair could extend its decline and break below the $29,500 support area.

Bitcoin price turns positive again

Bitcoin price attempted to break the $30,400 resistance area again. However, BTC struggled to clear the $30,350 level and started a fresh decline.

There was a bearish reaction below the $30,000 support area and the 100 hourly simple moving average. The price declined below the 61.8% Fib retracement level of the upward move from the $29,650 swing low to $30,333 high.

Bitcoin is trading below $30,000 and the 100 hourly simple moving average. There is also a key bullish trend line formed with support near $29,720 on the hourly chart of the BTC/USD pair.

An 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 $30,400 is likely to start a fresh increase.

In the mentioned case, the price could rise towards the $30,850 level. Any further gains could open the doors for a move towards the $31,200 resistance area.

Bitcoin hits new low?

If bitcoin fails to clear the $30,000 resistance, it is likely to continue to decline. An 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 the price might revisit the critical support of $29,500.

If BTC fails to stay above the $29,500 support, the bears might target new lows below $29,200.

The next support is near $28,650.

Any more losses might require a move towards the $28,200 level in the near term.

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 – $29,650, followed by $29,500.

Major Resistance Levels – $30,000, $30,150, and $31,400.