Bitcoin Price Correction To $29k On Horizon After Bulls Lose Control At $30.5k

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.

Source