{"id":28265,"date":"2023-08-16T03:55:06","date_gmt":"2023-08-16T07:55:06","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=28265"},"modified":"2023-08-16T03:55:06","modified_gmt":"2023-08-16T07:55:06","slug":"bitcoin-price-key-indicators-suggest-a-strong-case-for-more-losses","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/08\/16\/bitcoin-price-key-indicators-suggest-a-strong-case-for-more-losses\/","title":{"rendered":"Bitcoin Price Key Indicators Suggest A Strong Case For More Losses"},"content":{"rendered":"

Bitcoin price moving lower below the $29,500 zone. BTC remains at risk of more downsides below the $29,000 support zone.<\/em><\/p>\n

Bitcoin is still trading well below the $29,650 resistance zone.
\nThe price is trading below $29,300 and the 100 hourly Simple moving average.
\nThere is a connecting bearish trend line forming with resistance near $29,250 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move down and break the $29,000 support zone.<\/p>\n

Bitcoin Price Turns Red<\/h2>\n

Bitcoin price failed to start a recovery wave above the $29,500 resistance zone<\/a>. BTC started another decline from the $29,450 swing high. There was a clear move below the $29,250 level.<\/p>\n

The price retested the $29,100 support zone. A low is formed near $29,075 and the price is now consolidating losses. It is trading above the 23.6% Fib retracement level of the recent decline from the $29,450 swing high to the $29,075 low.<\/p>\n

Bitcoin is now trading below $29,300 and the 100 hourly Simple moving average<\/a>. There is also a connecting bearish trend line forming with resistance near $29,250 on the hourly chart of the BTC\/USD pair.<\/p>\n

Immediate resistance is near the $29,250 level and the trend line. It is close to the 50% Fib retracement level of the recent decline from the $29,450 swing high to the $29,075 low. The next major resistance is near $29,360 and the 100 hourly Simple moving average.<\/p>\n\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

The first major resistance is now forming near the $29,500 level. The main resistance is still near $29,650. A close above the $29,650 resistance could start a decent increase toward the $30,000 resistance zone. Any more gains might set the pace for a larger increase toward $30,500.<\/p>\n

More Losses In BTC?<\/h2>\n

If Bitcoin fails to clear the $29,360 resistance, it could continue to move down. Immediate support on the downside is near the $29,100 zone.<\/p>\n

The next major support is near the $29,000 level. A downside break below the $29,000 level might start another steady decline. In the stated case, the price could drop toward $28,400.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n

Major Support Levels \u2013 $29,100, followed by $29,000.<\/p>\n

Major Resistance Levels \u2013 $29,250, $29,360, and $29,500.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price moving lower below the $29,500 zone. BTC remains at risk of more downsides below the $29,000 support zone.<\/em><\/p>\n

Bitcoin is still trading well below the $29,650 resistance zone.
\nThe price is trading below $29,300 and the 100 hourly Simple moving average.
\nThere is a connecting bearish trend line forming with resistance near $29,250 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move down and break the $29,000 support zone.<\/p>\n

Bitcoin Price Turns Red<\/h2>\n

Bitcoin price failed to start a recovery wave above the $29,500 resistance zone<\/a>. BTC started another decline from the $29,450 swing high. There was a clear move below the $29,250 level.<\/p>\n

The price retested the $29,100 support zone. A low is formed near $29,075 and the price is now consolidating losses. It is trading above the 23.6% Fib retracement level of the recent decline from the $29,450 swing high to the $29,075 low.<\/p>\n

Bitcoin is now trading below $29,300 and the 100 hourly Simple moving average<\/a>. There is also a connecting bearish trend line forming with resistance near $29,250 on the hourly chart of the BTC\/USD pair.<\/p>\n

Immediate resistance is near the $29,250 level and the trend line. It is close to the 50% Fib retracement level of the recent decline from the $29,450 swing high to the $29,075 low. The next major resistance is near $29,360 and the 100 hourly Simple moving average.<\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

The first major resistance is now forming near the $29,500 level. The main resistance is still near $29,650. A close above the $29,650 resistance could start a decent increase toward the $30,000 resistance zone. Any more gains might set the pace for a larger increase toward $30,500.<\/p>\n

More Losses In BTC?<\/h2>\n

If Bitcoin fails to clear the $29,360 resistance, it could continue to move down. Immediate support on the downside is near the $29,100 zone.<\/p>\n

The next major support is near the $29,000 level. A downside break below the $29,000 level might start another steady decline. In the stated case, the price could drop toward $28,400.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n

Major Support Levels \u2013 $29,100, followed by $29,000.<\/p>\n

Major Resistance Levels \u2013 $29,250, $29,360, and $29,500.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-28265","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/28265","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=28265"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/28265\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=28265"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=28265"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=28265"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}