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Bitcoin Price Analysis: BTC At Risk Below $30K

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  • Bitcoin price started a fresh decline below the $29,600 level against the US Dollar.
  • The price is now trading below $29,500 and the 55 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $29,320 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
  • The pair could extend its decline toward the $28,650 and $28,000 levels.

Bitcoin price is declining below $29,600 against the US Dollar. BTC might extend losses if it stays below the $29,500 resistance zone.

Bitcoin Price Analysis

Bitcoin price started a fresh decline below the $29,600 zone. A high was formed near $30,222 before the price started a steady decline. There was a clear move below the $30,000 and $29,600 support levels.

The price declined below the 50% Fib retracement level of the upward move from the $28,660 swing low to the $30,222 high. The bears even pushed the price below the $29,320 support zone and the 55 simple moving average (4 hours).

The price is now trading below $29,500 and the 55 simple moving average (4 hours). There is also a key bearish trend line forming with resistance near $29,320 on the 4-hour chart of the BTC/USD pair.

Immediate resistance on the upside is near the $29,320 level and the trend line. The next major resistance might be near the $29,500 zone. A clear move above the $29,500 level might send the price toward $29,750, above which the price might rise toward the $30,000 level. Any more gains might push the price toward the $31,200 zone.

If there is no upside break, the price might decline below the $29,000 level or the 76.4% Fib retracement level of the upward move from the $28,660 swing low to the $30,222 high.

The first major support is near $28,660. 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.

Bitcoin Price
Bitcoin Price

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 $28,650 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 – $29,000 and $28,660.

Key Resistance Levels – $29,320, $29,500, and $30,000.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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