Bitcoin Price Relatively Muted, Risk of More Downsides Still Exist

2023-08-07 08:26:00

Bitcoin price is struggling to climb above $29,500. BTC remains at risk of more downsides if there is a close below the $28,800 support.

Bitcoin is still struggling to gain pace above the $29,500 pivot level.
The price is trading below $29,200 and the 100 hourly Simple moving average.
There is a key bearish trend line forming with resistance near $29,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could attempt a fresh increase toward the $29,500 resistance zone.

Bitcoin Price Stuck In Tiny Range

Bitcoin price struggled to clear the $29,500 resistance zone. BTC started a fresh decline within the range and traded below the $29,250 level.

There was a close below $29,250 and the 100 hourly Simple moving average. However, the bulls protected the range support at $28,800. The price traded as low as $28,800 and recently started a short-term upside correction.

There was a move above the 23.6% Fib retracement level of the downward move from the $29,395 swing high to the $28,800 low. However, the bears were active near the $29,200 resistance zone. There is also a key bearish trend line forming with resistance near $29,100 on the hourly chart of the BTC/USD pair.

Bitcoin price is trading below $29,200 and the 100 hourly Simple moving average. Immediate resistance is near the $29,100 zone, the trend line, and the 100 hourly Simple moving average. It is close to the 50% Fib retracement level of the downward move from the $29,395 swing high to the $28,800 low.

Source: BTCUSD on TradingView.com

The first major resistance is near the $29,400 level. The next major resistance is near the $29,500 level, above which the price might rise toward the $29,750 resistance zone. A close above the $29,750 resistance zone could start a decent increase. In the stated case, the price may even surpass the $30,000 resistance.

More Losses In BTC?

If Bitcoin fails to clear the $29,100 resistance, it could start a fresh decline. Immediate support on the downside is near the $29,000 level.

The next major support is near the $28,800 level, below which the price could accelerate lower. The next support is near the $28,400 level. Any more losses might call for a move toward the $28,000 level in the near term.

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 – $29,000, followed by $28,800.

Major Resistance Levels – $29,100, $29,400, and $29,500.

Trang này có thể chứa nội dung của bên thứ ba, được cung cấp chỉ nhằm mục đích thông tin (không phải là tuyên bố/bảo đảm) và không được coi là sự chứng thực cho quan điểm của Gate hoặc là lời khuyên về tài chính hoặc chuyên môn. Xem Tuyên bố từ chối trách nhiệm để biết chi tiết.