Bitcoin Trims Gains, Why BTC Could Start Fresh Decline

 2022-05-19 10:04:28

Bitcoin extended decline and traded below $29,000. BTC must stay above the $28,500 level to avoid a sharp decline in the near term.

 

Bitcoin price failed to clear the $30,500 resistance zone and started a fresh increase. There was a clear move below the $29,500 and $29,000 support levels. Besides, there was a break below a connecting bullish trend line with support near $29,600 on the hourly chart of the BTC/USDT pair. The pair is now trading below $30,000 and the 100 hourly simple moving average. It tested the $28,500 support zone. A low is formed near $28,589 and the price is now consolidating losses. An immediate resistance is near the $29,100 level.


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The next major resistance is near the $29,650 level. A clear move above the $29,500 and $29,650 resistance levels might start a fresh increase in the near term. The next key resistance could be near the $30,500 level, above which the price might rise towards $31,200. If bitcoin fails to gain pace above the $29,650 resistance zone, it could continue to move down.

 

An immediate support on the downside is near the $28,800 level. The next major support is near the $28,500 level. A downside break and close below the $28,500 support might start a major decline. In the stated case, the price could drop towards the $27,500 level.

 

Technical indicators:

Hourly MACD – The MACD is now slowly losing pace in the bearish zone.

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

Major Support Levels – $28,800, followed by $28,500.

Major Resistance Levels – $29,650, $30,000 and $30,500.

 

DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.

 


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