Bitcoin failed to continue higher above $31,750 against the US Dollar. BTC declined sharply and traded below the $30,000 support zone.<\/p>\n
Bitcoin started a fresh decline from the $31,750 region.
\nThe price is now trading below the $30,000 level and the 100 hourly simple moving average.
\nThere was a break below a key bullish trend line with support near $30,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move down towards $28,500 or even $28,000.<\/p>\n
Bitcoin Price Dives 6%<\/p>\n
Bitcoin price extended increase above the $31,400 resistance zone. However, BTC struggled to even test the $32,000 resistance zone. A high was formed near $31,725 and the price started a fresh decline.<\/p>\n
There was a strong move below the $31,000 and $30,500 support levels. Besides, there was a break below a key bullish trend line with support near $30,500 on the hourly chart of the BTC\/USD pair. The pair is now trading below the $30,000 level and the 100 hourly simple moving average.<\/p>\n
The bears are now attempting a clear move below the $29,350 support zone. An immediate resistance on the upside is near the $29,600 level. The first major resistance is near the $29,900 level. It is near the 23.6% Fib retracement level of the recent decline from the $31,725 swing high to $29,300 low.<\/p>\n\n
Source: BTCUSD on TradingView.com<\/p>\n
The next major resistance is near the $30,120 level. A clear move above the $30,120 resistance level could send the price towards the 50% Fib retracement level of the recent decline from the $31,725 swing high to $29,300 low. Any more gains might change the bias and bitcoin price could rise towards the $31,200 level.<\/p>\n
More Losses in BTC?<\/p>\n
If bitcoin fails to recover above the $30,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $29,200 level.<\/p>\n
The next major support is near the $28,500 level. A downside break below the $28,500 support may perhaps spark another decline. In the stated case, the price could dive towards the $27,200 support zone in the near term.<\/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 well below the 40 level.<\/p>\n
Major Support Levels \u2013 $29,000, followed by $28,500.<\/p>\n
Major Resistance Levels \u2013 $29,900, $30,120 and $30,500.<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Bitcoin failed to continue higher above $31,750 against the US Dollar. BTC declined sharply and traded below the $30,000 support zone.<\/p>\n
Bitcoin started a fresh decline from the $31,750 region.
\nThe price is now trading below the $30,000 level and the 100 hourly simple moving average.
\nThere was a break below a key bullish trend line with support near $30,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move down towards $28,500 or even $28,000.<\/p>\n
Bitcoin Price Dives 6%<\/p>\n
Bitcoin price extended increase above the $31,400 resistance zone. However, BTC struggled to even test the $32,000 resistance zone. A high was formed near $31,725 and the price started a fresh decline.<\/p>\n
There was a strong move below the $31,000 and $30,500 support levels. Besides, there was a break below a key bullish trend line with support near $30,500 on the hourly chart of the BTC\/USD pair. The pair is now trading below the $30,000 level and the 100 hourly simple moving average.<\/p>\n
The bears are now attempting a clear move below the $29,350 support zone. An immediate resistance on the upside is near the $29,600 level. The first major resistance is near the $29,900 level. It is near the 23.6% Fib retracement level of the recent decline from the $31,725 swing high to $29,300 low.<\/p>\n
Source: BTCUSD on TradingView.com<\/p>\n
The next major resistance is near the $30,120 level. A clear move above the $30,120 resistance level could send the price towards the 50% Fib retracement level of the recent decline from the $31,725 swing high to $29,300 low. Any more gains might change the bias and bitcoin price could rise towards the $31,200 level.<\/p>\n
More Losses in BTC?<\/p>\n
If bitcoin fails to recover above the $30,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $29,200 level.<\/p>\n
The next major support is near the $28,500 level. A downside break below the $28,500 support may perhaps spark another decline. In the stated case, the price could dive towards the $27,200 support zone in the near term.<\/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 well below the 40 level.<\/p>\n
Major Support Levels \u2013 $29,000, followed by $28,500.<\/p>\n
Major Resistance Levels \u2013 $29,900, $30,120 and $30,500.<\/p>\n
<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-668","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\/668","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=668"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/668\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=668"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=668"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=668"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}