{"id":132912,"date":"2021-07-21T07:43:20","date_gmt":"2021-07-21T07:43:20","guid":{"rendered":"https:\/\/precoinnews.com\/?p=132912"},"modified":"2021-07-21T07:43:20","modified_gmt":"2021-07-21T07:43:20","slug":"bitcoin-price-analysis-btc-turned-sell-on-rallies","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/bitcoin-price-analysis-btc-turned-sell-on-rallies\/","title":{"rendered":"Bitcoin Price Analysis: BTC Turned Sell on Rallies"},"content":{"rendered":"
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.<\/em><\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n <\/p>\n Bitcoin Price<\/p>\n 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.<\/p>\n 4 hours MACD \u2013 The MACD is slowly losing momentum in the bearish zone.<\/p>\n 4 hours RSI (Relative Strength Index) \u2013 The RSI is now well below the 50 level.<\/p>\n Key Support Levels \u2013 $29,300 and $28,000.<\/p>\n Key Resistance Levels \u2013 $30,800, $31,000 and $32,000.<\/p>\nBitcoin Price Analysis<\/h2>\n
Technical indicators<\/h2>\n