- 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.
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.
