BTC`s downward trend reached all the way down to $31,200 support level yesterday. And today it was able to break the crucial $30,000 support and continue the decline. At the time of writing this article it stands at $29,700 and the risk of it reaching $28,800 is still high. In this article, we shall take a closer look at BTC`s past 24-hour chart and by technical analysis try our best to make short-term predictions about it.
- Bitcoin`s downward movement continued in the past 24 hours and broke the $31k and $30k support levels.
- As of now, BTC is under $30k and the price candles are located below the SMA100
- The downward hourly price channel has also been broken, giving it a solid chance of coming down to $28,800
Taking a look at the 1-hour chart, we will see that BTC is on a downward price channel. Yesterday, on its way down, the broke the $31,200 support level. After that, it reached $30,500 and finally, in the past couple of hours, the price came under $30,000 and has even touched the bottom of the channel at $29,500.
Bitcoin went all the way down to $29,488 and had a reversal to make up for the loss. On its way, the $30,000 is the very first important resistance level followed by the $30,500 and $30,700. This resistance level is closely located to the 50% Fibonacci retracement (in the latest drop from $$31,920 to $29,488). If BTC manages to break these resistance levels, the $31,200, the SMA100 and the $31,900 zone will be the next important resistance levels. However, it also could be a temporary pullback as it could continue the bearish trend after a short upward movement.
On the other hand, if BTC fails to break the $30,000 and $30,500 resistance levels, the bearish trend will surely continue. In that case, the first support will be at $29,500. If the price manages to move down beyond that point, we should expect the $29,200 and $28,800 levels to support the price. However, if the decline is persistent enough to go below the $28,800, the next support level will be at $28,000.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on a strong downwards movement.
RSI: the 1-hour relative strength index is approximately 23.
Resistance levels: the $30.000 is the first resistance level followed by the $30,500 and the $31,00.
Support levels: the $29,800 and $29,500 are the two important support levels that will cause further decline if they are broken.
At this point if you feel like you need to sell your BTC and exchange it into Paypal or Webmoney, we will gladly help you cash out.
