Bitcoin Grinds Lower, Why BTC Bears Aim For Bigger Decline

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The price of Bitcoin extended its decline below the $ 31,200 support against the US dollar. BTC remains exposed to the risk of a larger drop below the $ 30,000 support area.

Bitcoin remains in a bearish zone and it has even passed the $ 31,000 support zone. The price is now trading well below $ 32,000 and the 100 hour simple moving average. A major bearish trendline is forming with resistance near $ 31,550 on the hourly chart of the BTC / USD pair (Kraken data feed). The pair is expected to accelerate below the $ 30,500 and $ 30,000 levels in the near term. Bitcoin Price Extends Losses

The price of Bitcoin remains in a downtrend and it is now trading well below the pivot area of ​​$ 33,000. BTC extended its decline below the $ 31,200 support area and settled well below the 100-hour simple moving average.

The price extended its decline and it even traded below $ 30,650. A low is formed near $ 30,445 and the price is now consolidating the losses. He corrected a few points above the $ 30,500 level. However, there was no proper follow-up above the 23.6% Fib retracement level of the recent decline from $ 31,901 high to $ 30,445 low.

Immediate upside resistance is near the $ 31,200 level (the recent breakout area). It is near the 50% fiber retracement level of the recent decline, going from a high of $ 31,901 to a low of $ 30,445.

The next key resistance is near the $ 31,500 level. A major bearish trendline is also forming with resistance near $ 31,550 on the hourly chart of the BTC / USD pair. The trendline resistance at $ 31,500 is also close to the 100 hour SMA.

Source: BTCUSD on TradingView.com

A close above trendline resistance could initiate a decent rally above $ 32,000. Also, an appropriate breakout above the $ 32,000 level could push the price towards $ 33,000.

More losses in BTC?

If bitcoin fails to recover above the resistance levels of $ 31,200 and $ 31,500, there is a risk of further losses. Initial bearish support is near the $ 30,500 level.

The first major support is now near the $ 30,200 area. Major support is now near the $ 30,000 level. A close below the $ 30,000 level could trigger a steady decline in the short term.

Technical indicators:

Hourly MACD – The MACD is slowly accelerating in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is now well below the 50 level.

Major Support Levels – $ 30,500, followed by $ 30,000.

Major Resistance Levels – $ 31,200, $ 31,500 and $ 32,000.

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