Bitcoin Price Plunges After Rejection, Here’s Why Bears Aim Fresh Lows

Aayush Jindal

1 year ago

2 mins read

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Bitcoin price is moving lower from the $30,350 level. BTC is showing bearish signs and might decline further toward the $29,650 and $29,500 support levels.

Bitcoin is moving lower below the $30,000 pivot level.
The price 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 feed from Kraken).
The pair could extend its decline below the $29,500 support zone.

Bitcoin Price Turns Red Again

Bitcoin price attempted a fresh increase above the $30,400 resistance zone. However, BTC struggled to settle clear the $30,350 level and started a fresh decline.

There was a bearish reaction below the $30,000 support zone 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 the $30,333 high.

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

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 the $30,400 level might start a fresh increase.

Source: BTCUSD on TradingView.com

In the stated case, the price could rise toward the $30,850 level. Any more gains could open the doors for a move toward the $31,200 resistance zone.

Fresh Low in BTC?

If Bitcoin fails to clear the $30,000 resistance, it could continue to move down. 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 could revisit the key support at $29,500. If BTC fails to stay above the $29,500 support, the bears could aim for a fresh low below $29,200. The next support is near the $28,650 level. Any more losses might call for a move toward the $28,200 level in the near term.

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 – $29,650, followed by $29,500.

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

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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