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Bitcoin Price Analysis: BTC Turned Sell on Rallies

  • Bitcoin price started a fresh decline after it failed to surpass $32,000 against the US Dollar.
  • The price is now trading well below the $32,000 zone and the 55 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance near $30,900 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair might correct higher, but it is likely to face sellers near the $30,900 zone in the near term.

Bitcoin price is slowly gaining bearish momentum below $30,00 against the US Dollar. BTC could correct higher, but upsides might be contained above $31,000.

Bitcoin Price Analysis

Bitcoin price started a major decline from well above the $32,000 zone. BTC broke the $31,200 and $31,000 support levels to move further into a bearish zone.

The pair accelerated losses below the $30,000 level and it settled well below the 55 simple moving average (4-hours). The price even broke the $29,500 support zone. A low I formed near $29,312 and it is now consolidating losses.

An initial resistance is near the $30,050 level. It is close to the 23.6% Fib retracement level of the downward move from the $32,468 swing high to $29,312 low.

The first major resistance is near the $30,900 level. It coincides with the 50% Fib retracement level of the downward move from the $32,468 swing high to $29,312 low. There is also a key bearish trend line forming with resistance near $30,900 on the 4-hours chart of the BTC/USD pair.

The main resistance is now forming near the $32,000 level and the 55 simple moving average (4-hours). A close above the $32,000 zone is needed for a fresh increase.

An immediate support on the downside is near the $29,300 zone. If there is a downside break below the $29,300 zone, the pair could decline steadily towards the $28,500 level. The next major support for the bulls is near the $28,000 zone.

Bitcoin Price

Bitcoin Price

Looking at the chart, bitcoin price is clearly trading well below $32,000 and the 55 simple moving average (4-hours). Overall, the price might correct higher, but it is likely to face sellers near the $30,900 zone in the near term.

Technical indicators

4 hours MACD – The MACD is slowly losing momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI is now well below the 50 level.

Key Support Levels – $29,300 and $28,000.

Key Resistance Levels – $30,800, $31,000 and $32,000.

The post Bitcoin Price Analysis: BTC Turned Sell on Rallies appeared first on Live Bitcoin News.

Source: Live Bitcoin News

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