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{"id":490553,"date":"2022-05-16T03:28:47","date_gmt":"2022-05-16T03:28:47","guid":{"rendered":"https:\/\/ktsl888.com\/?p=490553"},"modified":"2024-06-11T14:20:53","modified_gmt":"2024-06-11T14:20:53","slug":"ta-why-bitcoin-still-at-risk-of-a-fresh-decline-below-29k","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/ta-why-bitcoin-still-at-risk-of-a-fresh-decline-below-29k\/","title":{"rendered":"TA: Why Bitcoin Still At Risk of A Fresh Decline Below $29K"},"content":{"rendered":"

Bitcoin attempted a recovery wave above the $30,000 resistance against the US Dollar. BTC is struggling near $31,000 and might start a fresh decline.<\/em><\/p>\n

\n
Bitcoin recovered above the $30,000 level but struggled above $31,000.<\/li>\n
The price is now well above the $30,000 level and the 100 hourly simple moving average.<\/li>\n
There is a key bullish trend line forming with support near $30,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair could start a fresh decline if it clears the $30,000 support zone<\/li>\n<\/ul>\n
Bitcoin Price Faces Hurdles<\/h2>\n
Bitcoin price started a decent recovery wave from the $25,000 support zone<\/a>. BTC gained pace for a move above the $28,000 level and the 100 hourly simple moving average.<\/p>\n
It even cleared the $30,000 resistance zone<\/a>. However, the bulls struggled to stay in action above the $31,000 level. A high is formed near $31,390 and the price is now slowing moving lower. There was a move below the $31,000 level.<\/p>\n
Bitcoin moved below the 23.6% Fib retracement level of the upward move from the $28,600 swing low to $31,390 high. The price is now approaching the $30,400 support.<\/p>\n
There is also a key bullish trend line forming with support near $30,400 on the hourly chart of the BTC\/USD pair. The next major support is near the $30,000 zone. It is near the 50% Fib retracement level of the upward move from the $28,600 swing low to $31,390 high. Download Bitcoin Miner Awesom Miner Official for Windows<\/a>. Safe install and earn ETH\/BTC.<\/p>\n
$\"Bitcoin$ <\/a><\/p>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
A downside break and close below the $30,000 support might start a major decline. In the stated case, the price could decline towards the $29,000 level. The next major support is near $28,000 level, below which the price might start a fresh bearish wave.<\/p>\n
More Upsides in BTC?<\/h2>\n
If bitcoin stays above the $30,000 support zone, it could start a fresh increase. An immediate resistance on the upside is near the $31,000 level.<\/p>\n
The next major resistance is near the $31,400 level. A clear move above the $31,000 and $31,400 resistance levels might start a fresh increase in the coming sessions. The next key resistance could be near the $32,500 level, above which the price might rise above $33,000. Download Bitcoin Miner Awesom Miner Official for Windows<\/a>. Safe install and earn ETH\/BTC.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is no near the 50 level.<\/p>\n
Major Support Levels \u2013 $30,400, followed by $30,000.<\/p>\n
Major Resistance Levels \u2013 $31,000, $31,400 and $32,500.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin attempted a recovery wave above the $30,000 resistance against the US Dollar. BTC is struggling near $31,000 and might start a fresh decline. Bitcoin recovered above the $30,000 level but struggled above $31,000. The price is now well above the $30,000 level and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $30,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could start a fresh decline if it clears the $30,000 support zone Bitcoin Price Faces Hurdles Bitcoin price started a decent recovery wave from the $25,000 support zone. BTC gained pace for a move above the $28,000 level and the 100 hourly simple moving average. It even cleared the $30,000 resistance zone. However, the bulls struggled to stay in action above the $31,000 level. A high is formed near $31,390 and the price is now slowing moving lower. There was a move below the $31,000 level. Bitcoin moved below the 23.6% Fib retracement level of the upward move from the $28,600 swing low to $31,390 high. The price is now approaching the $30,400 support. There is also a key bullish trend line forming with support near $30,400 on the hourly chart of the BTC\/USD pair. The next major support is near the $30,000 zone. It is near the 50% Fib retracement level of the upward move from the $28,600 swing low to $31,390 high. Download Bitcoin Miner Awesom Miner Official for Windows. Safe install and earn ETH\/BTC. Source: BTCUSD on TradingView.com A downside break and close below the $30,000 support might start a major decline. In the stated case, the price could decline towards the $29,000 level. The next major support is near $28,000 level, below which the price might start a fresh bearish wave. More Upsides in BTC? If bitcoin stays above the $30,000 support zone, it could start a fresh increase. An immediate resistance on the upside is near the $31,000 level. The next major resistance is near the $31,400 level. A clear move above the $31,000 and $31,400 resistance levels might start a fresh increase in the coming sessions. The next key resistance could be near the $32,500 level, above which the price might rise above $33,000. Download Bitcoin Miner Awesom Miner Official for Windows. Safe install and earn ETH\/BTC. Technical indicators: Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is no near the 50 level. Major Support Levels \u2013 $30,400, followed by $30,000. Major Resistance Levels \u2013 $31,000, $31,400 and $32,500.<\/p>\n","protected":false},"author":67,"featured_media":464677,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,76835],"class_list":["post-490553","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\nTA: Why Bitcoin Still At Risk of A Fresh Decline Below $29K<\/title>\n<meta name=\"description\" content=\"Bitcoin attempted a recovery wave above the $30,000 resistance against the US Dollar. 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More Upsides in BTC?<\/h2>\nIf bitcoin stays above the $30,000 support zone, it could start a fresh increase. An immediate resistance on the upside is near the $31,000 level.<\/p>\n