Bitcoin failed to clear the $30,600 resistance zone once again. BTC is falling but the bulls may remain active around $28,500, according to technical analysis by NewsBTC’s Aayush Jindal.
Bitcoin Drops Again
Bitcoin started another decline after forming a top near $30,630. There was a sharp reaction below the $30,000 support zone and the 100 hourly simple moving average. Bitcoin traded below the 50% Fib retracement level of the upward move from the $28,700 high to $30,630 high. There was also a break below a major bullish trend line with support near $29,800 on the hourly chart of the BTC/USD pair.
The price even settled below the 76.4% Fib retracement level of the upward move from the $28,700 high to $30,630 high. It is currently consolidating with resistance near the $29,500 level.
The next major resistance is near the $29,650 level and the 100 hourly SMA. The first key resistance is near the $30,000 level. A clear move above the $30,000 resistance level could lead the price towards the key $30,600 resistance zone.
Will Bitcoin Drop More?
Jindal says that if Bitcoin fails to break through the $29,650 resistance zone, it may continue to move down. An immediate support is near the $29,000 level. The first major support is near the $28,850 level. The main support is near the $28,500 level. A clear move below the $28,500 support zone could start a major decline. In the stated case, the price could drop to $27,800.
What Are Technical Indicators Saying?
- Hourly MACD – The MACD is now slowly losing momentum in the bearish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.
- Major Support Levels – 28,850 followed by $28,500
- Major Resistance Levels – $29,650, $30,000, and $30,600
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