{"id":467580,"date":"2021-07-16T03:08:45","date_gmt":"2021-07-16T03:08:45","guid":{"rendered":"https:\/\/uniquehot.com\/?p=467580"},"modified":"2024-06-11T13:57:06","modified_gmt":"2024-06-11T13:57:06","slug":"bitcoin-turns-vulnerable-test-30k","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-turns-vulnerable-test-30k\/","title":{"rendered":"TA: Bitcoin Turns Vulnerable, Why BTC Could Soon Test $30K"},"content":{"rendered":"
Bitcoin price extended its decline below $31,500 before recovering higher against the US Dollar. BTC is likely to face resistance near $32,200 and it might continue to move down.<\/em><\/p>\n After a minor upside correction, bitcoin price failed near $33,000<\/a>. As a result, BTC started a fresh decline below the $32,000 support level. It even broke the $31,550 swing low and settled well below the 100 hourly simple moving average.<\/p>\n It traded as low as $31,190 before it started an upside correction. There was a break above the $31,500 and $31,600 resistance levels. Bitcoin climbed above the 23.6% Fib retracement level of the recent decline from the $33,210 swing high to $31,190 low.<\/p>\n An immediate resistance on the upside is near the $32,000 level. The first major resistance is near the $32,200 level. There is also a major bearish trend line forming with resistance near $32,250 on the hourly chart of the BTC\/USD pair.<\/p>\n The trend line is close to the 50% Fib retracement level of the recent decline from the $33,210 swing high to $31,190 low. A close above the trend line resistance could push the price towards the $33,000 resistance and the 100 hourly SMA<\/a>.<\/p>\n <\/a><\/p>\n To start a decent increase, the price must settle above the $33,000 level and the 100 hourly SMA. The next major resistance sits near $33,500.<\/p>\n If bitcoin fails to recover above the $32,200 and $33,000 resistance levels, there is a risk of more losses. An initial support on the downside is near the $31,500 level.<\/p>\n The first major support is now near the $31,200 zone. A close below the $31,200 level could spark a steady decline in the near term. In the stated case, the price is likely to test the $30,000 support level.<\/p>\n Technical indicators:<\/p>\n Hourly MACD \u2013 The MACD is slowly gaining pace in the bullish zone.<\/p>\n Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now just above the 50 level.<\/p>\n Major Support Levels \u2013 $31,500, followed by $31,200.<\/p>\n Major Resistance Levels \u2013 $32,200, $32,500 and $33,000.<\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin price extended its decline below $31,500 before recovering higher against the US Dollar. BTC is likely to face resistance near $32,200 and it might continue to move down. Bitcoin remains in a bearish zone and it recently traded towards the $31,000 level. The price is now trading well below $33,000 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $32,250 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair must settle above $32,250 and the 100 hourly SMA to start a decent increase in the near term. Bitcoin Price Remains In Downtrend After a minor upside correction, bitcoin price failed near $33,000. As a result, BTC started a fresh decline below the $32,000 support level. It even broke the $31,550 swing low and settled well below the 100 hourly simple moving average. It traded as low as $31,190 before it started an upside correction. There was a break above the $31,500 and $31,600 resistance levels. Bitcoin climbed above the 23.6% Fib retracement level of the recent decline from the $33,210 swing high to $31,190 low. An immediate resistance on the upside is near the $32,000 level. The first major resistance is near the $32,200 level. There is also a major bearish trend line forming with resistance near $32,250 on the hourly chart of the BTC\/USD pair. The trend line is close to the 50% Fib retracement level of the recent decline from the $33,210 swing high to $31,190 low. A close above the trend line resistance could push the price towards the $33,000 resistance and the 100 hourly SMA. Source: BTCUSD on TradingView.com To start a decent increase, the price must settle above the $33,000 level and the 100 hourly SMA. The next major resistance sits near $33,500. More Losses in BTC? If bitcoin fails to recover above the $32,200 and $33,000 resistance levels, there is a risk of more losses. An initial support on the downside is near the $31,500 level. The first major support is now near the $31,200 zone. A close below the $31,200 level could spark a steady decline in the near term. In the stated case, the price is likely to test the $30,000 support level. Technical indicators: Hourly MACD \u2013 The MACD is slowly gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now just above the 50 level. Major Support Levels \u2013 $31,500, followed by $31,200. Major Resistance Levels \u2013 $32,200, $32,500 and $33,000.<\/p>\n","protected":false},"author":67,"featured_media":461535,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,76835],"class_list":["post-467580","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n\n
Bitcoin Price Remains In Downtrend<\/h2>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
More Losses in BTC?<\/h2>\n