Bitcoin Price Trims Gains But Resistance Turned Support Intact

Bitcoin

Bitcoin price started a downside correction from $30,200. BTC is now trading near the previous breakout resistance at $29,400.

Bitcoin Price Holds Support

Bitcoin price started a decent increase above the $29,400 and $29,500 resistance levels. BTC even broke the $30,000 level but there was no daily close. A high was formed near $30,190 and the price started a downside correction.

There was a move below the $30,000 and $29,800 levels. The price dipped below the 23.6% Fib retracement level of the upward move from the $28,628 swing low to the $30,190 high. Besides, there was a break below a key bullish trend line with support near $29,840 on the hourly chart of the BTC/USD pair.

Bitcoin price is now trading above $29,400 and the 100 hourly Simple moving average. It is also holding the key pivot zone at $29,400. It is close to the 50% Fib retracement level of the upward move from the $28,628 swing low to the $30,190 high.

Immediate resistance is near the $29,680 level. The first major resistance is near the $29,800 level. The next major resistance is near the $30,000 level, above which the price could revisit $30,200.

Source: BTCUSD on TradingView.com

A close above the $30,200 resistance might start another steady increase. In the stated case, the price could test $31,200 or even $32,000 in the coming days.

More Losses In BTC?

If Bitcoin fails to clear the $29,800 resistance, it could start a fresh decline. Immediate support on the downside is near the $29,400 level.

The next major support is near the $29,300 level or the 100 hourly SMA. A downside break below the $29,300 level might spark bearish moves. In the stated case, the price could revisit $29,000. Any more losses might call for a move toward the $28,680 level 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 below the 50 level.

Major Support Levels – $29,400, followed by $29,300.

Major Resistance Levels – $29,800, $30,000, and $30,200.

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