TA: Bitcoin Price Stuck In Key Range, Why Dips Might Be Limited

TA: Bitcoin Price Stuck In Key Range, Why Dips Might Be Limited

Bitcoin failed again to clear the $30,600 resistance zone against the US Dollar. BTC is declining, but the bulls might remain active near $28,500.

  • Bitcoin failed to gain strength for a move above the $30,600 resistance zone.
  • The price is now trading below the $30,000 level and the 100 hourly simple moving average.
  • There was break below a major bullish trend line with support near $29,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to move down towards the main $28,700 support zone.

Bitcoin Price Tops Again

Bitcoin price attempted a fresh increase from the $28,500 support zone. There was a clear move above $30,000 resistance zone and the 100 hourly simple moving average.

However, the bears were again active near the $30,600 resistance zone. A high was formed near $30,630 and the price started another decline. There was a sharp reaction below the $30,000 support zone and the 100 hourly simple moving average.

Bitcoin traded below the 50% Fib retracement level of the upward move from the $28,700 swing low to $30,630 high. Besides, there was break below a major bullish trend line with support near $29,800 on the hourly chart of the BTC/USD pair.

The price even spiked below the 76.4% Fib retracement level of the upward move from the $28,700 swing low to $30,630 high. It is now consolidating, with an immediate resistance near the $29,500 level.

Source: BTCUSD on TradingView.com

The next major resistance is near the $29,650 level and the 100 hourly SMA. The first key resistance is near the $30,000 level. A clear move above the $30,000 resistance level might send the price towards the main $30,600 resistance zone.

More Losses in BTC?

If bitcoin fails to clear the $29,650 resistance zone, it could continue to move down. An immediate support on the downside is near the $29,000 level.

The first major support is near the $28,850 level. The main support sits near the $28,500 level. A clear move below the $28,500 support zone may perhaps start a major decline. In the stated case, the price could dive to $27,800.

Technical indicators:

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

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

Major Support Levels – $28,850, followed by $28,500.

Major Resistance Levels – $29,650, $30,000 and $30,600.

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