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Bitcoin Price Key Indicators Suggest A Strong Case For More Losses

Aayush Jindal by Aayush Jindal
2 months ago
in BTC
Reading Time: 2 mins read

Bitcoin price moving lower below the $29,500 zone. BTC remains at risk of more downsides below the $29,000 support zone.

  • Bitcoin is still trading well below the $29,650 resistance zone.
  • The price is trading below $29,300 and the 100 hourly Simple moving average.
  • There is a connecting bearish trend line forming with resistance near $29,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to move down and break the $29,000 support zone.

Bitcoin Price Turns Red

Bitcoin price failed to start a recovery wave above the $29,500 resistance zone. BTC started another decline from the $29,450 swing high. There was a clear move below the $29,250 level.

The price retested the $29,100 support zone. A low is formed near $29,075 and the price is now consolidating losses. It is trading above the 23.6% Fib retracement level of the recent decline from the $29,450 swing high to the $29,075 low.

Bitcoin is now trading below $29,300 and the 100 hourly Simple moving average. There is also a connecting bearish trend line forming with resistance near $29,250 on the hourly chart of the BTC/USD pair.

Immediate resistance is near the $29,250 level and the trend line. It is close to the 50% Fib retracement level of the recent decline from the $29,450 swing high to the $29,075 low. The next major resistance is near $29,360 and the 100 hourly Simple moving average.

Bitcoin Price

Source: BTCUSD on TradingView.com

The first major resistance is now forming near the $29,500 level. The main resistance is still near $29,650. A close above the $29,650 resistance could start a decent increase toward the $30,000 resistance zone. Any more gains might set the pace for a larger increase toward $30,500.

More Losses In BTC?

If Bitcoin fails to clear the $29,360 resistance, it could continue to move down. Immediate support on the downside is near the $29,100 zone.

The next major support is near the $29,000 level. A downside break below the $29,000 level might start another steady decline. In the stated case, the price could drop toward $28,400.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $29,100, followed by $29,000.

Major Resistance Levels – $29,250, $29,360, and $29,500.

Tags: bitcoinbitcoin pricebtcusdBTCUSDTxbtusd
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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