- Bitcoin price started a fresh decline from the $30,200 zone against the US Dollar.
- The price is now trading above $29,200 and the 55 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near $30,000 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
- The pair could start a fresh increase if it stays above the $29,000 support zone.
Bitcoin price is declining below $29,600 against the US Dollar. BTC might eye another increase if the bulls remain active above the $29,000 zone.
Bitcoin Price Analysis
Bitcoin price started a fresh decline from the $30,200 resistance zone. A high was formed near $30,222 before the price started a downside correction. There was a clear move below the $29,850 and $29,650 levels.
There was a move below the $29,500 level. The pair spiked below the 50% Fib retracement level of the upward move from the $28,660 swing low to the $30,222 high. It is now trading above $29,200 and the 55 simple moving average (4 hours).
Immediate resistance on the upside is near the $29,650 level. The next major resistance might near the $30,000 zone. There is also a key bearish trend line forming with resistance near $30,000 on the 4-hour chart of the BTC/USD pair.
A clear move above the $30,000 level might send the price toward $30,200, above which the price might rise toward the $31,500 level. Any more gains might push the price toward the $32,500 zone.
If there is no upside break, the price might continue to decline below the $29,400 level. The first major support is near $29,250. It is near the 61.8% Fib retracement level of the upward move from the $28,660 swing low to the $30,222 high.
The next key support is near the $29,000 level, below which the price might accelerate lower. In the stated case, the price could decline toward the $28,550 level. Any more losses might send the price toward the $27,500 level.
Looking at the chart, bitcoin price is clearly trading above $29,200 and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase if it stays above the $29,000 support zone.
Technical Indicators
4 hours MACD – The MACD is now gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Key Support Levels – $29,200 and $29,000.
Key Resistance Levels – $29,650, $30,000, and $30,200.
