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    Why Bitcoin Still At Risk of A Fresh Decline Below $29K


    Bitcoin tried a restoration wave above the $30,000 resistance in opposition to the US Dollar. BTC is struggling close to $31,000 and would possibly begin a contemporary decline.

    • Bitcoin recovered above the $30,000 stage however struggled above $31,000.
    • The worth is now nicely above the $30,000 stage and the 100 hourly easy shifting common.
    • There is a key bullish pattern line forming with assist close to $30,400 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair may begin a contemporary decline if it clears the $30,000 assist zone

    Bitcoin Price Faces Hurdles

    Bitcoin worth began an honest restoration wave from the $25,000 support zone. BTC gained tempo for a transfer above the $28,000 stage and the 100 hourly easy shifting common.

    It even cleared the $30,000 resistance zone. However, the bulls struggled to remain in motion above the $31,000 stage. A excessive is fashioned close to $31,390 and the worth is now slowing shifting decrease. There was a transfer under the $31,000 stage.

    Bitcoin moved under the 23.6% Fib retracement stage of the upward transfer from the $28,600 swing low to $31,390 excessive. The worth is now approaching the $30,400 assist.

    There can also be a key bullish pattern line forming with assist close to $30,400 on the hourly chart of the BTC/USD pair. The subsequent main assist is close to the $30,000 zone. It is close to the 50% Fib retracement stage of the upward transfer from the $28,600 swing low to $31,390 excessive.

    Bitcoin Price

    Source: BTCUSD on TradingView.com

    A draw back break and shut under the $30,000 assist would possibly begin a significant decline. In the said case, the worth may decline in the direction of the $29,000 stage. The subsequent main assist is close to $28,000 stage, under which the worth would possibly begin a contemporary bearish wave.

    More Upsides in BTC?

    If bitcoin stays above the $30,000 assist zone, it may begin a contemporary improve. An quick resistance on the upside is close to the $31,000 stage.

    The subsequent main resistance is close to the $31,400 stage. A clear transfer above the $31,000 and $31,400 resistance ranges would possibly begin a contemporary improve within the coming periods. The subsequent key resistance could possibly be close to the $32,500 stage, above which the worth would possibly rise above $33,000.

    Technical indicators:

    Hourly MACD – The MACD is now gaining tempo within the bearish zone.

    Hourly RSI (Relative Strength Index) – The RSI for BTC/USD isn’t any close to the 50 stage.

    Major Support Levels – $30,400, adopted by $30,000.

    Major Resistance Levels – $31,000, $31,400 and $32,500.



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