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Analysis

Bitcoin Bears Lose Strength, What Could Trigger A Decent Recovery

by Miki 07/27/2021
by Miki 07/27/2021 0 comment

Bitcoin price extended its decline below the $30,000 support against the US Dollar. BTC is finding bids near $29,250 and it might attempt an upside correction.

  • Bitcoin is following a bearish path and it broke the key $30,000 support zone.
  • The price is now trading well below $31,000 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $31,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a decent upside correction if it remains stable above the $29,250 level.

Bitcoin Price Settles Below $30K

Bitcoin price extended its decline below the $30,200 and $30,000 support levels. BTC even settled well below the $30,000 level and the 100 hourly simple moving average to move further into a bearish zone.

The price even spiked below $29,500 and traded as low as $29,313. It seems like bitcoin is forming a support base above the $29,250 level. An initial resistance on the upside is near the $30,000 level. It is close to the 23.6% Fib retracement level of the recent downward move from the $31,900 swing high to $29,313 low.

The first major resistance is near the $30,600 level. It is near the 50% Fib retracement level of the recent downward move from the $31,900 swing high to $29,313 low.

Bitcoin Price

Source: BTCUSD on TradingView.com

There is also a key bearish trend line forming with resistance near $31,300 on the hourly chart of the BTC/USD pair. In the short-term, bitcoin price might start a decent recovery above $30,000, but it might face barriers near the $31,000 level in the near term.

More Losses in BTC?

If bitcoin fails to recover above the $30,000 and $30,600 resistance levels, there is a risk of more losses. An initial support on the downside is near the $29,350 level.

The first major support is now near the $29,250 zone. A clear downside break below the recent low and $29,250 might call for a move below the $29,000 level. The next key support is seen near the $28,000 level.

Technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is rising and it might soon clear the 50 level.

Major Support Levels – $29,250, followed by $29,000.

Major Resistance Levels – $30,000, $30,600 and $31,000.

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The New Jersey Crypto News
  • Home
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    • Bitcoin
    • Ethereum
    • Ripple
    • Dogecoin
    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

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  • Blockchain
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