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{"id":492711,"date":"2022-06-10T03:08:09","date_gmt":"2022-06-10T03:08:09","guid":{"rendered":"https:\/\/ktsl888.com\/?p=492711"},"modified":"2024-06-11T12:01:40","modified_gmt":"2024-06-11T12:01:40","slug":"bitcoin-bears-keep-pushing-29-5k","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-bears-keep-pushing-29-5k\/","title":{"rendered":"TA: Bitcoin Bears Keep Pushing, Why BTC Could Still Nosedive"},"content":{"rendered":"

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.<\/em><\/p>\n

\n
Bitcoin is struggling to stay above the $29,500 support zone.<\/li>\n
The price is now trading below the $30,500 level and the 100 hourly simple moving average.<\/li>\n
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).<\/li>\n
The pair could start a major decline if there is a break below the $29,500 support.<\/li>\n<\/ul>\n
Bitcoin Price Is Showing Bearish Signs<\/h2>\n
Bitcoin price failed to gain strength above the $31,200 and $31,500 resistance levels<\/a>. However, there was no clear move, and the price started a fresh decline below $31,000.<\/p>\n
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<\/a>. It traded close to the $29,500 support zone and formed a low at $29,561. Download Bitcoin Miner Awesom Miner Official for Windows<\/a>. Safe install and earn ETH\/BTC.<\/p>\n
Bitcoin is now consolidating losses and trading above the $29,800 level. An immediate resistance on the upside is near the $30,030 level. It is near the 23.6% Fib retracement level of the recent decline from the $31,550 swing high to $29,561 low.<\/p>\n
The first major resistance is near the $30,500 level and the 100 hourly SMA. It is near the 50% Fib retracement level of the recent decline from the $31,550 swing high to $29,561 low.<\/p>\n
$\"Bitcoin$ <\/a><\/p>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
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.<\/p>\n
Downside Break in BTC?<\/h2>\n
If bitcoin fails to clear the $31,050 resistance zone, it could start another decline. An immediate support on the downside is near the $29,650 level.<\/p>\n
The next major support is near the $29,500 level. A downside break below the $29,500 support could put a lot of pressure on the bulls. In the stated case, the price could drop towards the $28,500 support zone in the near term. 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 losing pace in the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n
Major Support Levels \u2013 $29,800, followed by $29,500.<\/p>\n
Major Resistance Levels \u2013 $30,500, $31,050 and $31,500.<\/p>\n","protected":false},"excerpt":{"rendered":"
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 Awesom Miner Official for Windows. Safe install and earn ETH\/BTC. Bitcoin is now consolidating losses and trading above the $29,800 level. An immediate resistance on the upside is near the $30,030 level. It is near the 23.6% Fib retracement level of the recent decline from the $31,550 swing high to $29,561 low. The first major resistance is near the $30,500 level and the 100 hourly SMA. It is near the 50% Fib retracement level of the recent decline from the $31,550 swing high to $29,561 low. Source: BTCUSD on TradingView.com 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. Downside Break in BTC? If bitcoin fails to clear the $31,050 resistance zone, it could start another decline. An immediate support on the downside is near the $29,650 level. The next major support is near the $29,500 level. A downside break below the $29,500 support could put a lot of pressure on the bulls. In the stated case, the price could drop towards the $28,500 support zone in the near term. Download Bitcoin Miner Awesom Miner Official for Windows. Safe install and earn ETH\/BTC. Technical indicators: Hourly MACD \u2013 The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level. Major Support Levels \u2013 $29,800, followed by $29,500. Major Resistance Levels \u2013 $30,500, $31,050 and $31,500.<\/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-492711","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: Bitcoin Bears Keep Pushing, Why BTC Could Still Nosedive<\/title>\n<meta name=\"description\" content=\"Bitcoin is moving lower towards the key $29,500 support against the US Dollar. 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His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. 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Downside Break in BTC?<\/h2>\nIf bitcoin fails to clear the $31,050 resistance zone, it could start another decline. An immediate support on the downside is near the $29,650 level.<\/p>\n