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Bitcoin Price Analysis: BTC Turned Sell on Rallies

Summary:
Bitcoin price started a fresh decline after it failed to surpass ,000 against the US Dollar. The price is now trading well below the ,000 zone and the 55 simple moving average (4-hours). There is a key bearish trend line forming with resistance near ,900 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase). The pair might correct higher, but it is likely to face sellers near the ,900 zone in the near term. Bitcoin price is slowly gaining bearish momentum below ,00 against the US Dollar. BTC could correct higher, but upsides might be contained above ,000. Bitcoin Price Analysis Bitcoin price started a major decline from well above the ,000 zone. BTC broke the ,200 and ,000 support levels to move further into a bearish zone. The

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  • Bitcoin price started a fresh decline after it failed to surpass $32,000 against the US Dollar.
  • The price is now trading well below the $32,000 zone and the 55 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance near $30,900 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair might correct higher, but it is likely to face sellers near the $30,900 zone in the near term.

Bitcoin price is slowly gaining bearish momentum below $30,00 against the US Dollar. BTC could correct higher, but upsides might be contained above $31,000.

Bitcoin Price Analysis

Bitcoin price started a major decline from well above the $32,000 zone. BTC broke the $31,200 and $31,000 support levels to move further into a bearish zone.

The pair accelerated losses below the $30,000 level and it settled well below the 55 simple moving average (4-hours). The price even broke the $29,500 support zone. A low I formed near $29,312 and it is now consolidating losses.

An initial resistance is near the $30,050 level. It is close to the 23.6% Fib retracement level of the downward move from the $32,468 swing high to $29,312 low.

The first major resistance is near the $30,900 level. It coincides with the 50% Fib retracement level of the downward move from the $32,468 swing high to $29,312 low. There is also a key bearish trend line forming with resistance near $30,900 on the 4-hours chart of the BTC/USD pair.

The main resistance is now forming near the $32,000 level and the 55 simple moving average (4-hours). A close above the $32,000 zone is needed for a fresh increase.

An immediate support on the downside is near the $29,300 zone. If there is a downside break below the $29,300 zone, the pair could decline steadily towards the $28,500 level. The next major support for the bulls is near the $28,000 zone.

Bitcoin Price

Bitcoin Price

Looking at the chart, bitcoin price is clearly trading well below $32,000 and the 55 simple moving average (4-hours). Overall, the price might correct higher, but it is likely to face sellers near the $30,900 zone in the near term.

Technical indicators

4 hours MACD – The MACD is slowly losing momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI is now well below the 50 level.

Key Support Levels – $29,300 and $28,000.

Key Resistance Levels – $30,800, $31,000 and $32,000.

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