Bitcoin price started a downside correction from the $31,000 zone. BTC might decline toward $29,000 before the bulls appear again. Bitcoin started a downside correction below the $30,500 pivot level. The price is trading below $30,500 and the 100 hourly Simple moving average. There is a key bearish trend line forming with resistance near $30,380 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could extend its decline below the $29,800 and $29,500 support levels. Bitcoin Price Corrects Lower Bitcoin price gained pace above the $30,000 and $30,500 levels. BTC even spiked above the $31,000 level before the bears appeared. As a result, there was a bearish reaction below the $30,500 support zone. The price declined below the $30,250 support zone and tested the $29,800 zone. A low is formed near $29,777 and the price is now consolidating. Bitcoin is now trading below $30,500 and the 100 hourly Simple moving average. Immediate resistance is near the $30,165 level. It is near the 50% Fib retracement level of the recent decline from the $30,555 swing high to the $29,777 low. The next major resistance is near the $30,400 zone. There is also a key bearish trend line forming with resistance near $30,380 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com The trend line is near the 76.4% Fib retracement level of the recent decline from the $30,555 swing high to the $29,777 low. A close above the $30,400 resistance might start another increase. In the stated case, the price may perhaps rise toward the $31,000 level. The next key resistance is near the $31,200 level, above which BTC could rise toward the $32,000 level. More Losses in BTC? If Bitcoin’s price fails to clear the $30,400 resistance, it could continue to move down. Immediate support on the downside is near the $30,000 level. The next major support is near the $29,800 zone. A downside break and close below the $29,800 support might push the price toward the $29,500 support. Any more losses could lead the price toward $29,000. 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 50 level. Major Support Levels – $30,000, followed by $29,000. Major Resistance Levels – $30,165, $30,400, and $31,200.
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