/cdn.vox-cdn.com/uploads/chorus_asset/file/23962442/acastro_STK067__03.jpg)
/cdn.vox-cdn.com/uploads/chorus_asset/file/24247717/lp_logo_3.0.jpg){kind=logo}
/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___Su)
[ad_1]
Bitcoin price failed to gain momentum after the US CPI release. BTC is trading below $30,500 and there is a risk of a drop to $29,850.
- Bitcoin failed to clear the $30,850 resistance and reacted with a decline.
- The price is trading below $30,500 and the 100 hourly simple moving average.
- There was a break below a connecting bullish trend line with support near $30,620 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- If the pair fails to stay above the $30,200 support, it could continue to move lower.
Bitcoin Price Faces Another Rejection
Bitcoin price attempted a fresh increase above the $30,500 resistance area. BTC climbed above the $30,750 level, but the bears were active near the $30,850 resistance area.
A high was formed near $30,850 and the price reacted to the decline. There was a break below a connecting bullish trend line with support near $30,620 on the hourly chart of the BTC/USD pair. The pair even declined below the $30,500 support.
There was a swing low near $30,230 and the price is now consolidating losses. Bitcoin is now trading below $30,500 and the 100-hour simple moving average.
It is stuck near the 23.6% Fib retracement level of the recent decline from the $30,850 high to $30,230 low. An immediate resistance is near the $30,400 level and the 100 hourly simple moving average. The next resistance is near the $30,550 area.
Source: BTCUSD on Tradingview.com
The 50% Fib retracement level of the recent decline from the $30,850 high to $30,230 low is also near the $30,550 level, above which the price could recover. In the said case, BTC could rise towards the $30,850 resistance. The next major resistance is near the $31,000 level. Any more gains could open the doors for a move towards the $31,400 resistance area.
More Losses in BTC?
If bitcoin price fails to overcome the $30,500 resistance, it could start another decline. On the downside, an immediate support is near the $30,230 level.
The next major support is near the $30,000 level, below which there could be a decline towards the $29,850 support area. Any further losses could propel the price towards the $29,400 level in the near term.
Technical Indicators:
Hourly MACD – The MACD is now losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level.
Key Support Levels – $30,230, followed by $30,000.
Key Resistance Levels – $30,400, $30,550, and $31,000.
