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Bitcoin Price Slides Further As Bulls Lose Control, $29K Still In Play

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

Bitcoin price extended its decline below the $30,000 zone. BTC might slide further and test the $29,000 support in the near term.

  • Bitcoin started a downside correction below the $30,000 level.
  • The price is trading below $30,000 and the 100 hourly Simple moving average.
  • There are two bearish trend lines forming with resistance near $29,550 and $30,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could extend its decline toward the $29,000 zone in the near term.

Bitcoin Price Dips Further

Bitcoin price struggled to stay in a positive zone above the $30,500 level. BTC extended its decline and moved below the $30,000 support zone.

The bears were able to gain strength and pushed the price toward the $29,200 support zone. A low is formed near $29,123 and the price is now consolidating losses. Bitcoin is now trading below $30,000 and the 100 hourly Simple moving average.

Immediate resistance is near the $29,450 level. It is near the 23.6% Fib retracement level of the downward move from the $30,555 swing high to the $29,123 low. There are also two bearish trend lines forming with resistance near $29,550 and $30,150 on the hourly chart of the BTC/USD pair.

A move above the trend line resistance might call for a test of $29,800. The next major resistance is near the $30,000 zone. It is close to the 61.8% Fib retracement level of the downward move from the $30,555 swing high to the $29,123 low.

Bitcoin Price

Source: BTCUSD on TradingView.com

A close above the $30,000 resistance and the trend line might start another increase. In the stated case, the price may perhaps rise toward the $30,500 level. The next key resistance is near the $31,200 level.

More Losses in BTC?

If Bitcoin’s price fails to clear the $30,000 resistance, it could continue to move down. Immediate support on the downside is near the $29,250 level.

The next major support is near the $29,000 zone. A downside break and close below the $29,000 support might push the price further lower. In the stated case, BTC might decline toward the $28,400 support.

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 – $29,250, followed by $29,000.

Major Resistance Levels – $29,450, $29,800, and $30,000.

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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