Bitcoin price is slowly gaining bearish momentum below $30,00 against the US Dollar. BTC could correct higher, but upsides might be contained above $31,000.
Bitcoin Price Analysis
Bitcoin price started a major decline from well above the $32,000 zone. BTC broke the $31,200 and $31,000 support levels to move further into a bearish zone.
The pair accelerated losses below the $30,000 level and it settled well below the 55 simple moving average (4-hours). The price even broke the $29,500 support zone. A low I formed near $29,312 and it is now consolidating losses.
An initial resistance is near the $30,050 level. It is close to the 23.6% Fib retracement level of the downward move from the $32,468 swing high to $29,312 low.
The first major resistance is near the $30,900 level. It coincides with the 50% Fib retracement level of the downward move from the $32,468 swing high to $29,312 low. There is also a key bearish trend line forming with resistance near $30,900 on the 4-hours chart of the BTC/USD pair.
The main resistance is now forming near the $32,000 level and the 55 simple moving average (4-hours). A close above the $32,000 zone is needed for a fresh increase.
An immediate support on the downside is near the $29,300 zone. If there is a downside break below the $29,300 zone, the pair could decline steadily towards the $28,500 level. The next major support for the bulls is near the $28,000 zone.
Bitcoin Price
Looking at the chart, bitcoin price is clearly trading well below $32,000 and the 55 simple moving average (4-hours). Overall, the price might correct higher, but it is likely to face sellers near the $30,900 zone in the near term.
Technical indicators
4 hours MACD – The MACD is slowly losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now well below the 50 level.
Key Support Levels – $29,300 and $28,000.
Key Resistance Levels – $30,800, $31,000 and $32,000.
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