TA: Bitcoin Extends Losses, Why $30K Holds The Key For Next Wave

News BTC

Bitcoin price extended its decline below the $33,000 support zone against the US Dollar. BTC is currently recovering and it must stay above $30,000 to avoid a larger decline.

  • Bitcoin extended its decline below the $33,500 and $33,000 support levels.
  • The price is currently well below $35,000 and the 100 hourly simple moving average.
  • There is a key rising channel forming with support near $32,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a fresh decline if there is a break below $32,300 and $32,000.

Bitcoin Price is Under Pressure

Bitcoin remained in a bearish zone below the $35,500 support zone and extended its decline. BTC broke the $33,500 support level and settled below the 100 hourly simple moving average.

How To Get Free Crypto  

The price even declined below the $32,000 support zone. A low was formed near $31,065 before the price started an upside correction. There was a break above the $32,000 and $32,500 levels. The price climbed above the 23.6% Fib retracement level of the recent decline from the $36,820 swing high to $31,065 low.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

However, the price is facing a strong resistance near the $34,000 level. It seems like the 50% Fib retracement level of the recent decline from the $36,820 swing high to $31,065 low is acting as a hurdle.

Source: BTCUSD on TradingView.com

There is also a key rising channel forming with support near $32,300 on the hourly chart of the BTC/USD pair. The first major resistance is near the $33,500 level. The main resistance is near the $34,000 zone, above which the price could test the 100 hourly simple moving average.

Buy Uniswap (Uni) with up to 50% discount!

More Losses in BTC?

If bitcoin fails to clear the $34,000 resistance, it could continue to move down. An initial support on the downside is near the $32,500 level.

Coinbase Banner  

The first major support is near the $32,300 level and the channel trend line. If there is a downside break below the channel support, the price could dive to $31,000. The main support is near the $30,000 level. If the bulls fail to protect the $30,000 support zone, there is a risk of a sharp decline.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level.

Major Support Levels – $32,300, followed by $31,000.

Major Resistance Levels – $33,500, $34,000 and $35,000.

Go to Source
Author: Aayush Jindal


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.