TA: Why Bitcoin Still At Risk of A Fresh Decline Below $29K
May 15 2022 - 11:28PM
NEWSBTC
Bitcoin attempted a recovery wave above the $30,000 resistance
against the US Dollar. BTC is struggling near $31,000 and might
start a fresh decline. Bitcoin recovered above the $30,000 level
but struggled above $31,000. The price is now well above the
$30,000 level and the 100 hourly simple moving average. There is a
key bullish trend line forming with support near $30,400 on the
hourly chart of the BTC/USD pair (data feed from Kraken). The pair
could start a fresh decline if it clears the $30,000 support zone
Bitcoin Price Faces Hurdles Bitcoin price started a decent recovery
wave from the $25,000 support zone. BTC gained pace for a move
above the $28,000 level and the 100 hourly simple moving average.
It even cleared the $30,000 resistance zone. However, the bulls
struggled to stay in action above the $31,000 level. A high is
formed near $31,390 and the price is now slowing moving lower.
There was a move below the $31,000 level. Bitcoin moved below the
23.6% Fib retracement level of the upward move from the $28,600
swing low to $31,390 high. The price is now approaching the $30,400
support. There is also a key bullish trend line forming with
support near $30,400 on the hourly chart of the BTC/USD pair. The
next major support is near the $30,000 zone. It is near the 50% Fib
retracement level of the upward move from the $28,600 swing low to
$31,390 high. Source: BTCUSD on TradingView.com A downside break
and close below the $30,000 support might start a major decline. In
the stated case, the price could decline towards the $29,000 level.
The next major support is near $28,000 level, below which the price
might start a fresh bearish wave. More Upsides in BTC? If bitcoin
stays above the $30,000 support zone, it could start a fresh
increase. An immediate resistance on the upside is near the $31,000
level. The next major resistance is near the $31,400 level. A clear
move above the $31,000 and $31,400 resistance levels might start a
fresh increase in the coming sessions. The next key resistance
could be near the $32,500 level, above which the price might rise
above $33,000. Technical indicators: Hourly MACD – The MACD is now
gaining pace in the bearish zone. Hourly RSI (Relative Strength
Index) – The RSI for BTC/USD is no near the 50 level. Major Support
Levels – $30,400, followed by $30,000. Major Resistance Levels –
$31,000, $31,400 and $32,500.
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