TA: Bitcoin Price Stuck In Key Range, Why Dips Might Be Limited

Aayush Jindal

1 year ago

2 mins read

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Bitcoin failed again to clear the $30,600 resistance zone against the US Dollar. BTC is declining, but the bulls might remain active near $28,500.

Bitcoin failed to gain strength for a move above the $30,600 resistance zone.
The price is now trading below the $30,000 level and the 100 hourly simple moving average.
There was break below a major bullish trend line with support near $29,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue to move down towards the main $28,700 support zone.

Bitcoin Price Tops Again

Bitcoin price attempted a fresh increase from the $28,500 support zone. There was a clear move above $30,000 resistance zone and the 100 hourly simple moving average.

However, the bears were again active near the $30,600 resistance zone. A high was formed near $30,630 and the price started another decline. There was a sharp reaction below the $30,000 support zone and the 100 hourly simple moving average.

Bitcoin traded below the 50% Fib retracement level of the upward move from the $28,700 swing low to $30,630 high. Besides, there was break below a major bullish trend line with support near $29,800 on the hourly chart of the BTC/USD pair. Download Bitcoin Miner Awesom Miner Official for Windows. Safe install and earn ETH/BTC.

The price even spiked below the 76.4% Fib retracement level of the upward move from the $28,700 swing low to $30,630 high. It is now consolidating, with an immediate resistance near the $29,500 level.

Source: BTCUSD on TradingView.com

The next major resistance is near the $29,650 level and the 100 hourly SMA. The first key resistance is near the $30,000 level. A clear move above the $30,000 resistance level might send the price towards the main $30,600 resistance zone.

More Losses in BTC?

If bitcoin fails to clear the $29,650 resistance zone, it could continue to move down. An immediate support on the downside is near the $29,000 level.

The first major support is near the $28,850 level. The main support sits near the $28,500 level. A clear move below the $28,500 support zone may perhaps start a major decline. In the stated case, the price could dive to $27,800. Download Bitcoin Miner Awesom Miner Official for Windows. Safe install and earn ETH/BTC.

Technical indicators:

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

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

Major Support Levels – $28,850, followed by $28,500.

Major Resistance Levels – $29,650, $30,000 and $30,600.

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.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

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In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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