Bitcoin price is struggling to rise above the $29,300 resistance level. BTC could start another decline and trade below the $28,880 support zone.
- Bitcoin is struggling to rise above the $29,300 and $29,600 levels.
- The price is trading below $29,300 and the 100 hourly Simple moving average.
- There was a break below a major bullish trend line with support near $29,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to move down unless there is a close above the $29,600 resistance.
Bitcoin Price Faces Uphill Task
Bitcoin price attempted a short-term recovery wave above the $29,200 resistance zone. BTC was able to climb above the $29,300 resistance zone but the upsides were limited.The price struggled to clear a major hurdle near the $29,600 level as mentioned in yesterday’s post. It seems like the bears defended the 50% Fib retracement level of the upward wave from the $30,334 swing high to the $28,880 low.
The price is now trading below $29,300 and the 100 hourly Simple moving average. Immediate resistance is near the $29,300 level and the 100 hourly Simple moving average. The first major resistance is still near the $29,600 level.