Bitcoin is moving lower towards the key $29,500 support against the US Dollar. BTC must stay above $29,500 to avoid a major downside break.
- Bitcoin is struggling to stay above the $29,500 support zone.
- The price is now trading below the $30,500 level and the 100 hourly simple moving average.
- There is a key contracting triangle forming with resistance near $31,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a major decline if there is a break below the $29,500 support.
Bitcoin Price Is Showing Bearish Signs
Bitcoin price failed to gain strength above the $31,200 and $31,500 resistance levels. However, there was no clear move, and the price started a fresh decline below $31,000.
There was a move below the $30,850 and $30,500 support levels. The price even spiked below the $30,000 level and settled below the 100 hourly simple moving average. It traded close to the $29,500 support zone and formed a low at $29,561. Download Bitcoin Miner . Safe install and earn ETH/BTC.
Source:The main resistance is near the $31,000 level. There is also a key contracting triangle forming with resistance near $31,050 on the hourly chart of the BTC/USD pair. A clear move above the $31,050 resistance level could send the price further higher. The next major resistance might be $31,500, above which the price could start a decent increase.