TA: Bitcoin Price Stuck In Key Range, Why Dips Might Be Limited
May 23 2022 - 11:18PM
NEWSBTC
Bitcoin failed again to clear the $30,600 resistance zone against
the US Dollar. BTC is declining, but the bulls might remain active
near $28,500. Bitcoin failed to gain strength for a move above the
$30,600 resistance zone. The price is now trading below the $30,000
level and the 100 hourly simple moving average. There was break
below a major bullish trend line with support near $29,800 on the
hourly chart of the BTC/USD pair (data feed from Kraken). The pair
could continue to move down towards the main $28,700 support zone.
Bitcoin Price Tops Again Bitcoin price attempted a fresh increase
from the $28,500 support zone. There was a clear move above $30,000
resistance zone and the 100 hourly simple moving average. However,
the bears were again active near the $30,600 resistance zone. A
high was formed near $30,630 and the price started another decline.
There was a sharp reaction below the $30,000 support zone and the
100 hourly simple moving average. Bitcoin traded below the 50% Fib
retracement level of the upward move from the $28,700 swing low to
$30,630 high. Besides, there was break below a major bullish trend
line with support near $29,800 on the hourly chart of the BTC/USD
pair. The price even spiked below the 76.4% Fib retracement level
of the upward move from the $28,700 swing low to $30,630 high. It
is now consolidating, with an immediate resistance near the $29,500
level. Source: BTCUSD on TradingView.com The next major resistance
is near the $29,650 level and the 100 hourly SMA. The first key
resistance is near the $30,000 level. A clear move above the
$30,000 resistance level might send the price towards the main
$30,600 resistance zone. More Losses in BTC? If bitcoin fails to
clear the $29,650 resistance zone, it could continue to move down.
An immediate support on the downside is near the $29,000 level. The
first major support is near the $28,850 level. The main support
sits near the $28,500 level. A clear move below the $28,500 support
zone may perhaps start a major decline. In the stated case, the
price could dive to $27,800. Technical indicators: Hourly MACD –
The MACD is now slowly losing pace in the bearish zone. Hourly RSI
(Relative Strength Index) – The RSI for BTC/USD is now below the 50
level. Major Support Levels – $28,850, followed by $28,500. Major
Resistance Levels – $29,650, $30,000 and $30,600.
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