TA: Bitcoin Dives To $30K, Why Short-term Recovery Seems Possible
09 Mayo 2022 - 10:08PM
NEWSBTC
Bitcoin extended losses and even spiked below $30,000 against the
US Dollar. BTC is now consolidating and might correct higher
towards the $32,000 resistance. Bitcoin started a strong decline
below the $33,500 and $32,000 levels. The price is now trading
below $32,000 and the 100 hourly simple moving average. There are
two important bearish trend lines forming with resistance near
$32,000 on the hourly chart of the BTC/USD pair (data feed from
Kraken). The pair might correct higher, but the bears might remain
active near $32,000. Bitcoin Price Declines 10% Bitcoin price
remained in a major downtrend and extended downsides below the
$35,000 level. BTC traded below the key $33,500 and $32,000 support
levels to move further into a bearish zone. There was a close below
$32,000 and the 100 hourly simple moving average. The price even
traded below the $30,800 level and spiked below $30,000. A new
multi-week low is forming near $29,755 and the price is now
consolidating losses. On the upside, bitcoin price is facing
resistance near the $31,250 level. It is near the 23.6% Fib
retracement level of the recent decline from the $36,060 swing high
to $29,755 low. The next key resistance could be near the $32,000
level. There are two important bearish trend lines forming with
resistance near $32,000 on the hourly chart of the BTC/USD pair.
The key breakout zone could be near the $33,000 zone. Source:
BTCUSD on TradingView.com The 50% Fib retracement level of the
recent decline from the $36,060 swing high to $29,755 low is also
near the $33,000 zone. To start a decent recovery wave, the price
must settle above the $33,000 level. In the stated case, the price
might rise towards the $35,000 level. More Losses in BTC? If
bitcoin fails to clear the $32,000 resistance zone, it could
continue to move down. An immediate support on the downside is near
the $30,200 level. The next major support is seen near the $30,000
level. A downside break and close below the $30,000 support might
spark more downsides. The next major support could be $29,500. Any
more losses might send the price towards the $28,800 support zone.
Technical indicators: Hourly MACD – The MACD is now gaining pace in
the bearish zone. Hourly RSI (Relative Strength Index) – The RSI
for BTC/USD is now below the 40 level. Major Support Levels –
$30,200, followed by $30,000. Major Resistance Levels – $31,200,
$32,000 and $33,000.
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