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Name Symbol Market Market Cap ($) Algorithm
Bitcoin BTCUSD Crypto 466,803,545,631 SHA-256d
  Price Change Price Change % Current Price Bid Price Offer
  -36.52 -0.15% 24,426.20 24,424.52 24,426.20
High Price Low Price Open Price Prev. Close 52 Week Range
24,460.96 24,352.13 24,450.81 24,462.72 - - -
Exchange Last Trade Size Trade Price Currency
GDAX 01:34:54 0.000367 24,426.21 USD
Price x Volume Volume Base Symbol Related Pairs
7,174,458.58 294.07 BTC BTCEUR BTCGBP ETHBTC

TA: Bitcoin Price Stuck In Key Range, Why Dips Might Be Limited

24/05/2022 4:18am

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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