Bitcoin Price Faces Continued Decline and Bearish Indicators
מעודכן
Bitcoin's price continues to slide, dropping below the $30,000 mark and displaying several bearish indicators that suggest a further decline towards the support zone at $28,400.
The ongoing downward movement of Bitcoin is taking it below the support level at $30,500. Additionally, it is trading below both $30,300 and the 100-hourly Simple Moving Average. On the hourly chart of the BTC/USD pair, data sourced from Kraken shows a break below a significant bullish trend line with support around $30,500. This break further reinforces the likelihood of an extended decline and a potential test of the $28,400 support zone.
The decline in Bitcoin's price has persisted as it failed to surpass the resistance zone at $31,000. Although there was a temporary spike, the upside movement was limited, and the price quickly reacted by dropping below the $31,000 level.
As the price declined, it broke through the levels at $30,650 and $30,500. Moreover, it shattered a key bullish trend line with support near $30,500 on the BTC/USD hourly chart. Eventually, Bitcoin even dipped below the crucial support zone at $30,000.
The price formed a low around $29,868 and is currently in a phase of consolidating its losses. Bitcoin is currently trading below $30,300 and the 100-hourly Simple Moving Average.
In terms of immediate resistance, it is anticipated around the $30,280 level. This level closely aligns with the 23.6% Fibonacci retracement level of the recent decline, calculated from the $31,631 swing high to the $29,868 low. The first major resistance lies near the $30,500 level, which, if surpassed, could initiate a decent recovery wave.
Subsequently, the next resistance is expected at approximately $30,750, in close proximity to the 100-hourly Simple Moving Average. This resistance level coincides with the 50% Fibonacci retracement level of the recent decline, ranging from the $31,631 swing high to the $29,868 low. A breakthrough above this level might lead to a retest of the $31,000 mark.
BUY 30200 - 30500 💯💯
✅ TP1: 30800
✅ TP2: 31100
✅ TP3: 31400
🛑 SL: 29800
The ongoing downward movement of Bitcoin is taking it below the support level at $30,500. Additionally, it is trading below both $30,300 and the 100-hourly Simple Moving Average. On the hourly chart of the BTC/USD pair, data sourced from Kraken shows a break below a significant bullish trend line with support around $30,500. This break further reinforces the likelihood of an extended decline and a potential test of the $28,400 support zone.
The decline in Bitcoin's price has persisted as it failed to surpass the resistance zone at $31,000. Although there was a temporary spike, the upside movement was limited, and the price quickly reacted by dropping below the $31,000 level.
As the price declined, it broke through the levels at $30,650 and $30,500. Moreover, it shattered a key bullish trend line with support near $30,500 on the BTC/USD hourly chart. Eventually, Bitcoin even dipped below the crucial support zone at $30,000.
The price formed a low around $29,868 and is currently in a phase of consolidating its losses. Bitcoin is currently trading below $30,300 and the 100-hourly Simple Moving Average.
In terms of immediate resistance, it is anticipated around the $30,280 level. This level closely aligns with the 23.6% Fibonacci retracement level of the recent decline, calculated from the $31,631 swing high to the $29,868 low. The first major resistance lies near the $30,500 level, which, if surpassed, could initiate a decent recovery wave.
Subsequently, the next resistance is expected at approximately $30,750, in close proximity to the 100-hourly Simple Moving Average. This resistance level coincides with the 50% Fibonacci retracement level of the recent decline, ranging from the $31,631 swing high to the $29,868 low. A breakthrough above this level might lead to a retest of the $31,000 mark.
BUY 30200 - 30500 💯💯
✅ TP1: 30800
✅ TP2: 31100
✅ TP3: 31400
🛑 SL: 29800
הערה
What do you think ?
פרסומים קשורים
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.