Bitcoin Price Resumes Decline, Can The Bulls Save This Support
Categories: Bitcoin US
Bitcoin Price Trims Gains Bitcoin price started another decline from the $32,400 resistance zone. There was a steady decline below the $32,000 and $31,500 levels.More importantly, there was a break below a key bullish trend line with support near $31,750 on the hourly chart of the BTC/USD pair. The pair traded below the 50% Fib retracement level of the upward move from the $28,250 swing low to $32,400 high. Bitcoin price is now trading below the $30,000 level and the 100 hourly simple moving average. The price is also consolidating near the 61.8% Fib retracement level of the upward move from the $28,250 swing low to $32,400 high.An immediate resistance on the upside is near the $30,000 level. The next major resistance is near the $30,400 and the 100 hourly simple moving average. More Losses in BTC? If bitcoin fails to clear the $30,400 resistance zone, it could continue to move down. An immediate support on the downside is near the $29,450 level.The next major support is near the $29,250 level. A downside break below the $29,250 support may perhaps put a lot of pressure on the bulls. In the stated case, the price could revisit the $28,250 support zone. Any more losses might send the price towards the $27,500 level.