Bitcoin price is moving lower from the $29,500 zone. BTC is showing bearish signs and might decline further below the $29,000 support zone.
- Bitcoin is gaining bearish momentum below the $29,500 support.
- The price is trading below $29,500 and the 100 hourly Simple moving average.
- There is a connecting bearish trend line forming with resistance near $29,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to move down if it remains below $30,000 for a long time.
Bitcoin Price Trims Gains
Bitcoin price failed to settle above the $30,000 resistance zone. BTC started yet another decline below the $29,650 and $29,500 levels to move into a bearish zone.
It tested the $29,100 support zone. A low is formed near $29,100 and the price is now consolidating losses. There was a minor upside correction above the $29,250 resistance zone. It cleared the 23.6% Fib retracement level of the downward move from the $29,694 swing high to the $29,100 low.Bitcoin is now trading below $29,500 and the 100 hourly Simple moving average. There is also a connecting bearish trend line forming with resistance near $29,400 on the hourly chart of the BTC/USD pair.
Immediate resistance is near the $29,360 level. The next major resistance is near the trend line and $29,400. It is close to the 50% Fib retracement level of the downward move from the $29,694 swing high to the $29,100 low. A close above the trend line could start a decent increase toward $29,650.