TA: Bitcoin Trims Gains, Why BTC Could Start Fresh Decline

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,161,246,251,321	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,161,246,251,321

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	800.27	1.37%	59,038.00	59,037.99	59,038.00

Price Change

Price Change %

Current Price

Bid Price

Offer

800.27

1.37%

59,038.00

59,037.99

59,038.00

High Price	Low Price	Open Price	Prev. Close	52 Week Range
59,482.92	56,903.79	58,384.58	58,237.73	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

59,482.92

56,903.79

58,384.58

58,237.73

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	17:43:08	0.001715	59,037.99	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

17:43:08

0.001715

59,037.99

USD

Price x Volume	Volume	Base Symbol	Related Pairs
737,217,430.15	12,657.75	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

737,217,430.15

12,657.75

TA: Bitcoin Trims Gains, Why BTC Could Start Fresh Decline

19/05/2022 4:28am

NEWSBTC

Bitcoin extended decline and traded below $29,000 against the US Dollar. BTC must stay above the $28,500 level to avoid a sharp decline in the near term. Bitcoin started a fresh decline from the $30,500 resistance zone. The price is now trading below the $30,000 level and the 100 hourly simple moving average. There was a break below a connecting bullish trend line with support near $29,600 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could extend decline if there is a clear move below the $28,500 support zone. Bitcoin Price Is Showing Bearish Signs 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/USD 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. It is near the 23.6% Fib retracement level of the recent decline from the $30,742 swing high to $28,589 low. Source: BTCUSD on TradingView.com The next major resistance is near the $29,650 level. It is near the 50 Fib retracement level of the recent decline from the $30,742 swing high to $28,589 low. 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. More Losses in BTC? 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/USD 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.

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