TA: Why Bitcoin Still At Risk of A Fresh Decline Below $29K

Aayush Jindal

3 years ago

2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Bitcoin attempted a recovery wave above the $30,000 resistance against the US Dollar. BTC is struggling near $31,000 and might start a fresh decline.

Bitcoin recovered above the $30,000 level but struggled above $31,000.
The price is now well above the $30,000 level and the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $30,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a fresh decline if it clears the $30,000 support zone

Bitcoin Price Faces Hurdles

Bitcoin price started a decent recovery wave from the $25,000 support zone. BTC gained pace for a move above the $28,000 level and the 100 hourly simple moving average.

It even cleared the $30,000 resistance zone. However, the bulls struggled to stay in action above the $31,000 level. A high is formed near $31,390 and the price is now slowing moving lower. There was a move below the $31,000 level.

Bitcoin moved below the 23.6% Fib retracement level of the upward move from the $28,600 swing low to $31,390 high. The price is now approaching the $30,400 support.

There is also a key bullish trend line forming with support near $30,400 on the hourly chart of the BTC/USD pair. The next major support is near the $30,000 zone. It is near the 50% Fib retracement level of the upward move from the $28,600 swing low to $31,390 high. Download Bitcoin Miner Awesom Miner Official for Windows. Safe install and earn ETH/BTC.

Source: BTCUSD on TradingView.com

A downside break and close below the $30,000 support might start a major decline. In the stated case, the price could decline towards the $29,000 level. The next major support is near $28,000 level, below which the price might start a fresh bearish wave.

More Upsides in BTC?

If bitcoin stays above the $30,000 support zone, it could start a fresh increase. An immediate resistance on the upside is near the $31,000 level.

The next major resistance is near the $31,400 level. A clear move above the $31,000 and $31,400 resistance levels might start a fresh increase in the coming sessions. The next key resistance could be near the $32,500 level, above which the price might rise above $33,000. Download Bitcoin Miner Awesom Miner Official for Windows. Safe install and earn ETH/BTC.

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 no near the 50 level.

Major Support Levels – $30,400, followed by $30,000.

Major Resistance Levels – $31,000, $31,400 and $32,500.

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.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

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.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.