In a bid for a short-term recovery, the Bitcoin price made an effort to surpass the resistance zone at $29,200. While it managed to climb above the $29,300 resistance, its upward progress was restricted.
Notably, the $29,600 level posed a significant challenge, as mentioned in a previous post. The bears appeared to staunchly defend the 50% Fibonacci retracement level, which measured from the upward wave’s peak at $30,334 to the low at $28,880.
Bitcoin price initiated a new downtrend, falling below the crucial $29,400 level. The decline was marked by a break below a significant bullish trend line, which had found support around $29,300 on the hourly chart of the BTC/USD pair.
At present, the price is trading below both the $29,300 level and the 100 hourly Simple Moving Average, signifying a challenging path ahead.
The immediate resistance lies around the $29,300 level and the 100 hourly Simple Moving Average. However, the first major resistance zone remains firmly positioned near the $29,600 level.
After surpassing the $29,600 resistance, the next significant obstacle for Bitcoin’s price lies near the $29,800 level. Alternatively, this resistance marks the 61.8% Fibonacci retracement level, calculated from the upward wave starting at the $30,334 swing high and ending at the $28,880 low.
Beyond the $30,000 zone, the following major hurdle appears at approximately $30,400, suggesting another critical level for Bitcoin’s further upward movement.
If Bitcoin fails to clear the $29,300 resistance, it could continue to move down. Immediate support on the downside is near the $29,000 level.
As the battle for dominance rages on, the tension in the crypto realm mounts to an electrifying pitch. The brave Bitcoin warriors face a critical juncture, with the next major support lying ominously at the $28,880 level. A breach below this crucial line could unleash a torrent of dark forces, propelling the price into a relentless downward spiral.
The peril intensifies as the technical indicators paint a grim picture. The Hourly MACD, once a beacon of hope, now betrays the bearish grip tightening its hold on the market. A sense of unease grips the hearts of traders as the Hourly RSI for BTC/USD plunges below the ominous 50 level, a haunting signal of weakening strength.
Nevertheless, hope is not entirely lost. The valiant Bitcoin fighters find solace in knowing that they have minor defenses in place. Standing steadfastly at $29,000, the first bastion of support awaits, offering a temporary sanctuary from the relentless onslaught.
Beyond that lies the formidable $28,880 level, the last line of defense before the abyss. Should the defenders falter, the path toward the $28,200 level appears to beckon, an unforgiving territory where bears roam free.
The stakes have never been higher, and the warriors brace themselves, fully aware that failure to hold their ground could herald a perilous journey toward the dreaded $27,700 level. This precipice, once a distant nightmare, now looms ominously, casting a shadow over the future of Bitcoin’s quest.
Amidst the chaos, the brave souls cling to hope, searching for glimmers of light amidst the darkness. They seek solace in the knowledge that even in the direst circumstances, the unpredictable winds of fortune can shift.
The resistance levels ahead offer a beacon of possibility – $29,300, $29,600, and the elusive $30,000. If the warriors can summon the strength and will to rise above these hurdles, a triumphant surge might still be within reach.
The battle continues, and the crypto world holds its breath, awaiting the outcome of this epic struggle between bulls and bears.
