/cdn.vox-cdn.com/uploads/chorus_asset/file/24016885/STK093_Google_04.jpg)
/cdn.vox-cdn.com/uploads/chorus_asset/file/24808816/Starfield__The_Settled_Systems___Supra_Et_Ultra_____Starfield__The_Settled_Systems___Supra_Et_Ultra_2023_7_25_94252.263_1440p_streamshot.png)
Bitcoin price is again moving towards the $29,200 level. BTC needs to surpass $30,500 to attempt a fresh increase in the near term.
- Bitcoin is showing bearish signs and is trading well below the $30,500 area.
- The price is trading below $30,300 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $30,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to decline if it holds below the $30,500 resistance.
Bitcoin price continues to decline
Bitcoin price attempted a fresh increase above the $30,250 level but failed to gain bullish momentum. BTC remained below the key $30,500 resistance area.
There was a swing high near $30,447 before the price declined below $30,000. It traded to a new weekly low of $29,669 and is currently correcting losses. There was a break above the 50% Fib retracement level of the recent decline from the $30,447 high to $29,669 low.
The price was able to climb above the $30,000 level. Bitcoin price is now trading below $30,300 and the 100-hour simple moving average. An immediate resistance is near the $30,200 level.
There is also a major bearish trend line forming with resistance near $30,200 on the hourly chart of the BTC/USD pair. The trend line is near the 61.8% Fib retracement level of the recent decline from the $30,447 high to $29,669 low.
The first major resistance is near the $30,265 level. The main resistance is now forming near the $30,450 and $30,500 levels. A close above the $30,500 level could start a fresh rise.
Source: BTCUSD on Tradingview.com
The next major resistance is near the $30,850 level. Any more gains could open the doors for a move towards the $31,500 resistance area.
More Losses in BTC?
If bitcoin fails to clear the $30,500 resistance, it could continue to decline. On the downside, an immediate support is near the $29,850 level.
The next major support is near the $29,550 level, below which there could be a decline towards the $29,200 support area. Any further losses could take the price towards the $28,750 level in the near term.
Technical Indicators:
Hourly MACD – The MACD is now gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.
Key Support Levels – $29,850, followed by $29,200.
Key resistance levels are $30,200, $30,265, and $30,500.
