Bitcoin price moves down, while the 29,200 dollar brand remains targeted

Bitcoin price moves down, while the 29,200 dollar brand remains targeted

The Bitcoin price is again in the downward trend and is approaching the $ 29,200 mark. In order to try again, Bitcoin has to exceed the $ 30,500 mark.

In the past few weeks, the $ 30,500 mark has proven to be a critical resistance to Bitcoin. So far, the cryptocurrency has not been able to overcome this resistance and is now significantly below.

The Bitcoin price is currently below the $ 30,300 mark and the simple sliding 100-hour average. This indicates further declining signs. On the hourly chart of the BTC/USD couple, a declining trend line with a resistance is also formed near $ 30,200.

If the price remains below the resistance of $ 30,500, Bitcoin could continue to tend and reach the next support zone by $ 29,200.

In the last few hours, the Bitcoin Prize tried to rise via the $ 30,250 mark, but could not develop upward dynamics. BTC remained below the important resistance of $ 30,500.

After a high at $ 30,447, the price fell below the $ 30,000 mark and reached a new weekly low of $ 29,669. The price currently corrects its losses and has broken the 50%fib retracement level of the recent decline.

Despite the return of the $ 30,000 mark, Bitcoin is now underneath $ 30,300 and the simple sliding 100-hour average. The immediate resistance is close to the $ 30,200 mark, which also coincides with the declining trend line.

The next major resistances are $ 30,265, $ 30,450 and $ 30,500. A final course above the $ 30,500 mark could trigger a new increase for Bitcoin and could open the door for a movement in the direction of the resistance zone of $ 31,500.

If Bitcoin is not able to overcome the resistance of $ 30,500, there is a risk of further losses. The direct support is $ 29,850, followed by the $ 29,550 mark. A decline under this brand could lead the price towards the support zone of $ 29,200.

The technical indicators indicate that the market is still dominated by bears. The hourly MacD gains speed in the declining zone, while the hourly RSI is close to the 50 mark.