Bitcoin price trims gains but support remains intact
Bitcoin price trims gains but support remains intact
The Blockchain Industry: An Overview of Bitcoin Price Movement
The blockchain industry has witnessed bitcoin price making significant gains, followed by a slight correction. Bitcoin, the pioneer cryptocurrency, started a downside correction from the $30,200 level. At present, it is trading near the previous breakout resistance at $29,400. Despite the correction, Bitcoin remains above $29,400 and the 100 hourly Simple Moving Average (SMA).
Bitcoin Price Holds Support
Bitcoin experienced a decent increase above the $29,400 and $29,500 resistance levels, even breaking the $30,000 level. However, there was no daily close above this level, and the price started a downward correction. The correction saw Bitcoin’s price dropping below the $30,000 and $29,800 levels.
Moreover, there was a break below a key bullish trend line with support near $29,840 on the hourly chart of the BTC/USD pair. The price also dipped below the 23.6% Fibonacci retracement level of the upward move from the $28,628 swing low to the $30,190 high.
Fortunately, despite the correction, Bitcoin remains above the key support level at $29,400 and the 100 hourly SMA. It is also close to the 50% Fibonacci retracement level of the upward move from the $28,628 swing low to the $30,190 high.
- Riot Platforms reduces Q2 loss to $27.7M
- Bitcoin miner Riot reports mixed Q2 earnings, predicts industry consolidation.
- BlackRock insiders provide timeline for first spot Bitcoin ETF approval
Looking ahead, the immediate resistance is near the $29,680 level, followed by the first major resistance at $29,800. If Bitcoin manages to break these resistance levels, it could revisit the $30,000 level and even the recent high of $30,200. A close above the $30,200 resistance may indicate another steady increase, with potential targets at $31,200 or even $32,000 in the coming days.
To illustrate the price movement and technical analysis, here’s an image representing Bitcoin’s price fluctuations:
Source: BTCUSD on TradingView.com
More Losses in BTC?
If Bitcoin fails to clear the $29,800 resistance, it could initiate a fresh decline. The immediate support on the downside is near the $29,400 level, which also aligns with the 100 hourly SMA. A downside break below this level might spark bearish moves, with the price potentially revisiting $29,000.
In the event of further losses, the next major support lies near the $29,300 level. A breach of this support level could lead to a move towards the $28,680 level in the near term.
Considering the technical indicators, the hourly Moving Average Convergence Divergence (MACD) is gaining pace in the bearish zone. Additionally, the Relative Strength Index (RSI) for BTC/USD is below the 50 level, indicating a bearish sentiment.
To summarize:
Technical Indicators: – Hourly MACD: Gaining pace in the bearish zone. – Hourly RSI: Below the 50 level, reflecting a bearish sentiment.
Major Support Levels: – $29,400, followed by $29,300.
Major Resistance Levels: – $29,800, $30,000, and $30,200.
Overall, the blockchain industry is experiencing a correction in Bitcoin’s price. However, the cryptocurrency’s ability to hold above key support levels and the presence of technical indicators suggest the potential for further upward movement in the future. Investors and enthusiasts alike will closely monitor Bitcoin’s price action to gauge the market sentiment and potential entry or exit points.
