BitcoinLong
Bitcoin Price Faces Continued Decline and Bearish Indicators
Updated
Bitcoin's price continues to slide, dropping below the $30,000 mark and displaying several bearish indicators that suggest a further decline towards the support zone at $28,400.
The ongoing downward movement of Bitcoin is taking it below the support level at $30,500. Additionally, it is trading below both $30,300 and the 100-hourly Simple Moving Average. On the hourly chart of the BTC/USD pair, data sourced from Kraken shows a break below a significant bullish trend line with support around $30,500. This break further reinforces the likelihood of an extended decline and a potential test of the $28,400 support zone.
The decline in Bitcoin's price has persisted as it failed to surpass the resistance zone at $31,000. Although there was a temporary spike, the upside movement was limited, and the price quickly reacted by dropping below the $31,000 level.
As the price declined, it broke through the levels at $30,650 and $30,500. Moreover, it shattered a key bullish trend line with support near $30,500 on the BTC/USD hourly chart. Eventually, Bitcoin even dipped below the crucial support zone at $30,000.
The price formed a low around $29,868 and is currently in a phase of consolidating its losses. Bitcoin is currently trading below $30,300 and the 100-hourly Simple Moving Average.
In terms of immediate resistance, it is anticipated around the $30,280 level. This level closely aligns with the 23.6% Fibonacci retracement level of the recent decline, calculated from the $31,631 swing high to the $29,868 low. The first major resistance lies near the $30,500 level, which, if surpassed, could initiate a decent recovery wave.
Subsequently, the next resistance is expected at approximately $30,750, in close proximity to the 100-hourly Simple Moving Average. This resistance level coincides with the 50% Fibonacci retracement level of the recent decline, ranging from the $31,631 swing high to the $29,868 low. A breakthrough above this level might lead to a retest of the $31,000 mark.
BUY 30200 - 30500 💯💯
✅ TP1: 30800
✅ TP2: 31100
✅ TP3: 31400
🛑 SL: 29800
The ongoing downward movement of Bitcoin is taking it below the support level at $30,500. Additionally, it is trading below both $30,300 and the 100-hourly Simple Moving Average. On the hourly chart of the BTC/USD pair, data sourced from Kraken shows a break below a significant bullish trend line with support around $30,500. This break further reinforces the likelihood of an extended decline and a potential test of the $28,400 support zone.
The decline in Bitcoin's price has persisted as it failed to surpass the resistance zone at $31,000. Although there was a temporary spike, the upside movement was limited, and the price quickly reacted by dropping below the $31,000 level.
As the price declined, it broke through the levels at $30,650 and $30,500. Moreover, it shattered a key bullish trend line with support near $30,500 on the BTC/USD hourly chart. Eventually, Bitcoin even dipped below the crucial support zone at $30,000.
The price formed a low around $29,868 and is currently in a phase of consolidating its losses. Bitcoin is currently trading below $30,300 and the 100-hourly Simple Moving Average.
In terms of immediate resistance, it is anticipated around the $30,280 level. This level closely aligns with the 23.6% Fibonacci retracement level of the recent decline, calculated from the $31,631 swing high to the $29,868 low. The first major resistance lies near the $30,500 level, which, if surpassed, could initiate a decent recovery wave.
Subsequently, the next resistance is expected at approximately $30,750, in close proximity to the 100-hourly Simple Moving Average. This resistance level coincides with the 50% Fibonacci retracement level of the recent decline, ranging from the $31,631 swing high to the $29,868 low. A breakthrough above this level might lead to a retest of the $31,000 mark.
BUY 30200 - 30500 💯💯
✅ TP1: 30800
✅ TP2: 31100
✅ TP3: 31400
🛑 SL: 29800
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