Global Crypto Market

TA: Bitcoin Turns Bearish, Risk of Drop Below $29K – NewsBTC

Bitcoin failed to continue higher above $31,750 against the US Dollar. BTC declined sharply and traded below the $30,000 support zone.
Bitcoin price extended increase above the $31,400 resistance zone. However, BTC struggled to even test the $32,000 resistance zone. A high was formed near $31,725 and the price started a fresh decline.
There was a strong move below the $31,000 and $30,500 support levels. Besides, there was a break below a key bullish trend line with support near $30,500 on the hourly chart of the BTC/USD pair. The pair is now trading below the $30,000 level and the 100 hourly simple moving average.
The bears are now attempting a clear move below the $29,350 support zone. An immediate resistance on the upside is near the $29,600 level. The first major resistance is near the $29,900 level. It is near the 23.6% Fib retracement level of the recent decline from the $31,725 swing high to $29,300 low.
Bitcoin Price
The next major resistance is near the $30,120 level. A clear move above the $30,120 resistance level could send the price towards the 50% Fib retracement level of the recent decline from the $31,725 swing high to $29,300 low. Any more gains might change the bias and bitcoin price could rise towards the $31,200 level.
If bitcoin fails to recover above the $30,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $29,200 level.
The next major support is near the $28,500 level. A downside break below the $28,500 support may perhaps spark another decline. In the stated case, the price could dive towards the $27,200 support zone in the near term.
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 now well below the 40 level.
Major Support Levels – $29,000, followed by $28,500.
Major Resistance Levels – $29,900, $30,120 and $30,500.
Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.
NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.
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© 2021 NewsBTC. All Rights Reserved.


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