Bitcoin is currently facing resistance below the $30,000 mark and is showing signs of a bearish trend. The price is trading below $29,400 and the 100 hourly Simple Moving Average. However, there is a short-term bullish trend line forming with support near $29,320. If the support levels at $29,250 and $29,100 are broken, the price could continue to decline.
Key Points:
– Bitcoin price is struggling to break the $30,000 resistance zone.
– The price is trading below $29,400 and the 100 hourly Simple Moving Average.
– A short-term bullish trend line is forming with support near $29,320.
– Immediate resistance is near $29,450, followed by the main resistance at $29,650.
– If the price breaks above the resistance, it could rise towards $30,000 or even higher.
If Bitcoin fails to clear the $29,650 resistance, it could see more losses. The immediate support is near the trend line, followed by the major support at $29,250. A break below $29,100 could initiate a steady decline towards $28,400.
Closing Paragraph (Hot Take):
Bitcoin is currently facing resistance at the $30,000 mark and is struggling to break through. The price is trading below key levels and showing bearish signs. However, if it manages to break above the resistance, we could see a significant upward movement. The immediate support and resistance levels are crucial for determining the next direction of the price. Traders should closely monitor these levels to make informed decisions.
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