Bitcoin Price Relatively Muted, Risk of More Downsides Still Exist
Bitcoin price is struggling to climb above $29,500. BTC remains at risk of more downsides if there is a close below the $28,800 support.
- Bitcoin is still struggling to gain pace above the $29,500 pivot level.
- The price is trading below $29,200 and the 100 hourly Simple moving average.
- There is a key bearish trend line forming with resistance near $29,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could attempt a fresh increase toward the $29,500 resistance zone.
Bitcoin Price Stuck In Tiny Range
Bitcoin price struggled to clear the $29,500 resistance zone. BTC started a fresh decline within the range and traded below the $29,250 level.
There was a close below $29,250 and the 100 hourly Simple moving average. However, the bulls protected the range support at $28,800. The price traded as low as $28,800 and recently started a short-term upside correction.
There was a move above the 23.6% Fib retracement level of the downward move from the $29,395 swing high to the $28,800 low. However, the bears were active near the $29,200 resistance zone. There is also a key bearish trend line forming with resistance near $29,100 on the hourly chart of the BTC/USD pair.
Bitcoin price is trading below $29,200 and the 100 hourly Simple moving average. Immediate resistance is near the $29,100 zone, the trend line, and the 100 hourly Simple moving average. It is close to the 50% Fib retracement level of the downward move from the $29,395 swing high to the $28,800 low.
Source: BTCUSD on TradingView.com
The first major resistance is near the $29,400 level. The next major resistance is near the $29,500 level, above which the price might rise toward the $29,750 resistance zone. A close above the $29,750 resistance zone could start a decent increase. In the stated case, the price may even surpass the $30,000 resistance.
More Losses In BTC?
If Bitcoin fails to clear the $29,100 resistance, it could start a fresh decline. Immediate support on the downside is near the $29,000 level.
The next major support is near the $28,800 level, below which the price could accelerate lower. The next support is near the $28,400 level. Any more losses might call for a move toward the $28,000 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 – $29,000, followed by $28,800.
Major Resistance Levels – $29,100, $29,400, and $29,500.