More

    Bitcoin Grinds Lower, Why BTC Bears Aim Larger Decline

    Bitcoin price extended its decline below the $31,200 support against the US Dollar. BTC remains at a risk of a larger decline below the $30,000 support zone.

    Bitcoin remains in a bearish zone and it even broke the $31,000 support zone.
    The price is now trading well below $32,000 and the 100 hourly simple moving average.
    There is a major bearish trend line forming with resistance near $31,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    The pair is likely to accelerate lower below the $30,500 and $30,000 levels in the near term.

    Bitcoin Price Extends Losses
    Bitcoin price remains in a downtrend and it is now trading well below the $33,000 pivot zone. BTC extended its decline below the $31,200 support zone and it settled well below the 100 hourly simple moving average.
    The price extended its decline and it even traded below $30,650. A low is formed near $30,445 and the price is now consolidating losses. It corrected a few points above the $30,500 level. However, there was no proper follow through above the 23.6% Fib retracement level of the recent drop from the $31,901 swing high to $30,445 low.
    An immediate resistance on the upside is near the $31,200 level (the recent breakdown zone). It is near the 50% Fib retracement level of the recent drop from the $31,901 swing high to $30,445 low.
    The next key resistance is near the $31,500 level. There is also a major bearish trend line forming with resistance near $31,550 on the hourly chart of the BTC/USD pair. The trend line resistance at $31,500 is also close to the 100 hourly SMA.

    Source: BTCUSD on TradingView.com
    A close above the trend line resistance could initiate a decent recovery above $32,000. Besides, a proper break above the $32,000 level may push the price towards $33,000.
    More Losses in BTC?
    If bitcoin fails to recover above the $31,200 and $31,500 resistance levels, there is a risk of more losses. An initial support on the downside is near the $30,500 level.
    The first major support is now near the $30,200 zone. The main support is now near the $30,000 level. A close below the $30,000 level could spark a steady decline in the near term.
    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 – $30,500, followed by $30,000.
    Major Resistance Levels – $31,200, $31,500 and $32,000.

    Related articles

    Comments

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Share article

    Latest articles

    Newsletter

    Subscribe to stay updated.

    bitcoin
    Bitcoin (BTC) $ 41,209.00
    ethereum
    Ethereum (ETH) $ 2,441.19
    tether
    Tether (USDT) $ 0.999312
    binance-coin
    Binance Coin (BNB) $ 327.79
    cardano
    Cardano (ADA) $ 1.30
    xrp
    XRP (XRP) $ 0.740199
    usd-coin
    USD Coin (USDC) $ 0.999534
    dogecoin
    Dogecoin (DOGE) $ 0.206870
    polkadot
    Polkadot (DOT) $ 16.28
    binance-usd
    Binance USD (BUSD) $ 0.999094
    uniswap
    Uniswap (UNI) $ 21.15
    bitcoin-cash
    Bitcoin Cash (BCH) $ 538.86
    litecoin
    Litecoin (LTC) $ 142.40
    chainlink
    Chainlink (LINK) $ 21.37
    solana
    Solana (SOL) $ 33.93
    wrapped-bitcoin
    Wrapped Bitcoin (WBTC) $ 41,177.00
    stellar
    Stellar (XLM) $ 0.286244
    matic-network
    Polygon (MATIC) $ 1.04
    ethereum-classic
    Ethereum Classic (ETC) $ 50.37
    theta-token
    Theta Network (THETA) $ 6.05
    internet-computer
    Internet Computer (ICP) $ 41.81
    vechain
    VeChain (VET) $ 0.087132
    dai
    Dai (DAI) $ 0.999851
    compound-usd-coin
    cUSDC (CUSDC) $ 0.022102
    okb
    OKB (OKB) $ 18.22
    filecoin
    Filecoin (FIL) $ 51.36
    cdai
    cDAI (CDAI) $ 0.021560
    tron
    TRON (TRX) $ 0.063496
    terra-luna
    Terra (LUNA) $ 10.64
    monero
    Monero (XMR) $ 234.92
    aave
    Aave (AAVE) $ 314.47
    eos
    EOS (EOS) $ 4.03
    compound-ether
    cETH (CETH) $ 48.98
    ftx-token
    FTX Token (FTT) $ 34.43
    amp-token
    Amp (AMP) $ 0.073385
    cosmos
    Cosmos (ATOM) $ 12.54
    neo
    NEO (NEO) $ 45.90
    crypto-com-chain
    Crypto.com Coin (CRO) $ 0.127376
    pancakeswap-token
    PancakeSwap (CAKE) $ 15.61
    shiba-inu
    Shiba Inu (SHIB) $ 0.000006
    the-graph
    The Graph (GRT) $ 0.612656
    leo-token
    LEO Token (LEO) $ 3.03
    algorand
    Algorand (ALGO) $ 0.834278
    celsius-degree-token
    Celsius Network (CEL) $ 6.18
    bitcoin-sv
    Bitcoin SV (BSV) $ 139.04
    maker
    Maker (MKR) $ 2,879.10
    klay-token
    Klaytn (KLAY) $ 1.04
    tezos
    Tezos (XTZ) $ 3.01
    iota
    IOTA (MIOTA) $ 0.872650
    axie-infinity
    Axie Infinity (AXS) $ 42.88