Bitcoin is moving lower towards the key $29,500 support against the US Dollar. BTC must stay above $29,500 to avoid a major downside break.<\/p>\n
Bitcoin is struggling to stay above the $29,500 support zone.
\nThe price is now trading below the $30,500 level and the 100 hourly simple moving average.
\nThere is a key contracting triangle forming with resistance near $31,050 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a major decline if there is a break below the $29,500 support.<\/p>\n
Bitcoin Price Is Showing Bearish Signs<\/p>\n
Bitcoin price failed to gain strength above the $31,200 and $31,500 resistance levels. However, there was no clear move, and the price started a fresh decline below $31,000.<\/p>\n
There was a move below the $30,850 and $30,500 support levels. The price even spiked below the $30,000 level and settled below the 100 hourly simple moving average. It traded close to the $29,500 support zone and formed a low at $29,561.<\/p>\n
Bitcoin is now consolidating losses and trading above the $29,800 level. An immediate resistance on the upside is near the $30,030 level. It is near the 23.6% Fib retracement level of the recent decline from the $31,550 swing high to $29,561 low.<\/p>\n
The first major resistance is near the $30,500 level and the 100 hourly SMA. It is near the 50% Fib retracement level of the recent decline from the $31,550 swing high to $29,561 low.<\/p>\n\n
Source: BTCUSD on TradingView.com<\/p>\n
The main resistance is near the $31,000 level. There is also a key contracting triangle forming with resistance near $31,050 on the hourly chart of the BTC\/USD pair. A clear move above the $31,050 resistance level could send the price further higher. The next major resistance might be $31,500, above which the price could start a decent increase.<\/p>\n
Downside Break in BTC?<\/p>\n
If bitcoin fails to clear the $31,050 resistance zone, it could start another decline. An immediate support on the downside is near the $29,650 level.<\/p>\n
The next major support is near the $29,500 level. A downside break below the $29,500 support could put a lot of pressure on the bulls. In the stated case, the price could drop towards the $28,500 support zone in the near term.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now losing 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 $29,800, followed by $29,500.<\/p>\n
Major Resistance Levels \u2013 $30,500, $31,050 and $31,500.<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Bitcoin is moving lower towards the key $29,500 support against the US Dollar. BTC must stay above $29,500 to avoid a major downside break.<\/p>\n
Bitcoin is struggling to stay above the $29,500 support zone.
\nThe price is now trading below the $30,500 level and the 100 hourly simple moving average.
\nThere is a key contracting triangle forming with resistance near $31,050 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a major decline if there is a break below the $29,500 support.<\/p>\n
Bitcoin Price Is Showing Bearish Signs<\/p>\n
Bitcoin price failed to gain strength above the $31,200 and $31,500 resistance levels. However, there was no clear move, and the price started a fresh decline below $31,000.<\/p>\n
There was a move below the $30,850 and $30,500 support levels. The price even spiked below the $30,000 level and settled below the 100 hourly simple moving average. It traded close to the $29,500 support zone and formed a low at $29,561.<\/p>\n
Bitcoin is now consolidating losses and trading above the $29,800 level. An immediate resistance on the upside is near the $30,030 level. It is near the 23.6% Fib retracement level of the recent decline from the $31,550 swing high to $29,561 low.<\/p>\n
The first major resistance is near the $30,500 level and the 100 hourly SMA. It is near the 50% Fib retracement level of the recent decline from the $31,550 swing high to $29,561 low.<\/p>\n
Source: BTCUSD on TradingView.com<\/p>\n
The main resistance is near the $31,000 level. There is also a key contracting triangle forming with resistance near $31,050 on the hourly chart of the BTC\/USD pair. A clear move above the $31,050 resistance level could send the price further higher. The next major resistance might be $31,500, above which the price could start a decent increase.<\/p>\n
Downside Break in BTC?<\/p>\n
If bitcoin fails to clear the $31,050 resistance zone, it could start another decline. An immediate support on the downside is near the $29,650 level.<\/p>\n
The next major support is near the $29,500 level. A downside break below the $29,500 support could put a lot of pressure on the bulls. In the stated case, the price could drop towards the $28,500 support zone in the near term.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now losing 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 $29,800, followed by $29,500.<\/p>\n
Major Resistance Levels \u2013 $30,500, $31,050 and $31,500.<\/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-910","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\/910","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=910"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/910\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=910"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=910"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=910"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}