Bitcoin price started a fresh decline below the ,000 pivot level against the US Dollar. The price is now trading below ,500 and the 55 simple moving average (4 hours). There is a connecting bearish trend line forming with resistance near ,600 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase). The pair could extend its decline toward the ,500 and ,000 levels. Bitcoin price is declining below ,500 against the US Dollar. BTC might extend losses if it stays below the ,000 resistance zone. Bitcoin Price Analysis Bitcoin price started a fresh decline below the ,000 zone. A high was formed near ,350 before the price started a steady decline. There was a clear move below the ,000 and ,600 support levels. The bears even
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- Bitcoin price started a fresh decline below the $30,000 pivot level against the US Dollar.
- The price is now trading below $29,500 and the 55 simple moving average (4 hours).
- There is a connecting bearish trend line forming with resistance near $29,600 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
- The pair could extend its decline toward the $28,500 and $28,000 levels.
Bitcoin price is declining below $29,500 against the US Dollar. BTC might extend losses if it stays below the $30,000 resistance zone.
Bitcoin Price Analysis
Bitcoin price started a fresh decline below the $30,000 zone. A high was formed near $30,350 before the price started a steady decline. There was a clear move below the $30,000 and $29,600 support levels.
The bears even pushed the price below the $29,200 support zone and the 55 simple moving average (4 hours). The price traded as low as $28,850 and is currently correcting losses. There was a correction toward the 23.6% Fib retracement level of the downward wave from the $30,350 swing high to the $28,850 low.
However, it is still trading below $29,600 and the 55 simple moving average (4 hours). Immediate resistance on the upside is near the $29,400 level. The next major resistance might be near the $29,600 zone.
There is also a connecting bearish trend line forming with resistance near $29,600 on the 4-hour chart of the BTC/USD pair. The trend line is near the 50% Fib retracement level of the downward wave from the $30,350 swing high to the $28,850 low.
A clear move above the $29,000 level might send the price toward $30,000, above which the price might rise toward the $30,350 level. Any more gains might push the price toward the $31,400 zone.
If there is no upside break, the price might decline below the $29,000 level. The first major support is near $28,850. The next key support is near the $28,500 level, below which the price might accelerate lower. In the stated case, the price could decline toward the $28,000 level. Any more losses might send the price toward the $27,400 level.
Looking at the chart, Bitcoin price is clearly trading below $29,500 and the 55 simple moving average (4 hours). Overall, the price could extend its decline toward the $28,500 and $28,000 levels.
Technical Indicators
4 hours MACD – The MACD is now losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now below the 50 level.
Key Support Levels – $28,850 and $28,000.
Key Resistance Levels – $29,600, $30,000, and $30,350.