Bitcoin bears continue to push, which is why BTC can still dive

by James · July 5, 2022

Bitcoin is moving lower against the $ 29,500 key support against the US dollar. BTC needs to stay above $ 29,500 to avoid a major downside.

Bitcoin is struggling to stay above the $ 29,500 support zone.
The price is now trading below the $ 30,500 level and the 100-hour simple moving average.
A key triangle with resistance close to $ 31,050 is formed on the hourly chart of the BTC / USD pair (data feed from Kraken).
The pair could start a big decline if there is a break below the support of $ 29,500.

The Bitcoin price shows bearish signs

The Bitcoin price failed to gain strength above the resistance levels of $ 31,200 and $ 31,500. However, there was no clear movement, and the price started a new decline below $ 31,000.

There was a pull below the support levels of $ 30,850 and $ 30,500. The price even rose below the $ 30,000 level and fell below the simple moving average of 100 hours. It traded close to the $ 29,500 support zone and hit a low of $ 29,561. Download Bitcoin Miner Awesom Miner Official for Windows. Secure installation and earn ETH / BTC.

Bitcoin is now consolidating losses and trading above the $ 29,800 level. Immediate resistance on the upside is close to the $ 30,030 level. It is close to the 23.6% Fib retracement level of the recent decline from $ 31,550 swing high to $ 29,561 low.

The first major resistance is close to the $ 30,500 level and the 100 hour SMA. It is close to the 50% Fib retracement level for the recent decline from $ 31,550 swing high to $ 29,561 low.

Bitcoin price

Source: BTCUSD on TradingView.com

The main resistance is close to the $ 31,000 level. There is also a key triangle that forms 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 even higher. The next big resistance could be $ 31,500, above which the price could start a decent increase.

BTC downside?

If bitcoin fails to clear the $ 31,050 resistance zone, it could start a new downturn. Immediate support on the downside is close to the $ 29,650 level.

The next big support is close to the $ 29,500 level. A downside break below the $ 29,500 support can put a lot of pressure on the bulls. In that case, the price may fall towards the support zone of $ 28,500 in the short term. Download Bitcoin Miner Awesom Miner Official for Windows. Secure installation and earn ETH / BTC.

Technical indicators:

Time-based MACD – MACD is now losing pace in the bearish zone.

Hourly Relative Strength Index (RSI) – The RSI for BTC / USD is now below the 50 level.

Large support levels – $ 29,800, followed by $ 29,500.

Large resistance levels – $ 30,500, $ 31,050 and $ 31,500.