{"id":26743,"date":"2023-08-11T04:51:18","date_gmt":"2023-08-11T04:51:18","guid":{"rendered":"https:\/\/coingrafter.com\/index.php\/2023\/08\/11\/bitcoin-price-next-leg-lower-underway-and-at-risk-for-key-reasons\/"},"modified":"2023-08-11T04:51:18","modified_gmt":"2023-08-11T04:51:18","slug":"bitcoin-price-next-leg-lower-underway-and-at-risk-for-key-reasons","status":"publish","type":"post","link":"https:\/\/coingrafter.com\/index.php\/2023\/08\/11\/bitcoin-price-next-leg-lower-underway-and-at-risk-for-key-reasons\/","title":{"rendered":"Bitcoin Price Next Leg Lower Underway And At Risk for Key Reasons"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div>\n<p><em>Bitcoin value is shifting decrease from the $30,200 zone. BTC is signaling a recent decline and there&#8217;s a danger of a drop towards the $28,500 assist.<\/em><\/p>\n<ul>\n<li>Bitcoin is struggling to stay in a optimistic zone above $29,200.<\/li>\n<li>The value is buying and selling beneath $29,500 and the 100 hourly Simple shifting common.<\/li>\n<li>There is a connecting bearish pattern line forming with resistance close to $29,450 on the hourly chart of the BTC\/USD pair (knowledge feed from Kraken).<\/li>\n<li>The pair might proceed to maneuver down if it breaks the $29,200 assist zone.<\/li>\n<\/ul>\n<h2>Bitcoin Price Trims Gains<\/h2>\n<p>Bitcoin value confronted <a href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-trims-gains-29400\/\" target=\"_blank\" rel=\"noopener\">another rejection<\/a> above the $30,000 resistance zone. A excessive was shaped close to $30,190 and BTC reacted to the draw back. There was a transfer beneath the $30,000 and $29,800 ranges.<\/p>\n<p>The value declined beneath the 50% Fib retracement stage of the important thing enhance from the $28,628 swing low to the $30,190 excessive. It looks as if the bulls are actually placing up some struggle close to the $29,300 zone. Bitcoin is now buying and selling beneath $29,500 and the <a href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-losses-steam-30k\/\" target=\"_blank\" rel=\"noopener\">100 hourly Simple moving average<\/a>.<\/p>\n<p>There can be a connecting bearish pattern line forming with resistance close to $29,450 on the hourly chart of the BTC\/USD pair. If there&#8217;s a recent enhance, the pair might face resistance close to the 100 hourly Simple shifting common at $29,400.<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-546785\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/08\/Bitcoin-5.png?resize=1024%2C468\" alt=\"Bitcoin Price\" width=\"1024\" height=\"468\" srcset=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/08\/Bitcoin-5.png?resize=1024%2C468?w=1835 1835w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/08\/Bitcoin-5.png?resize=1024%2C468?w=460 460w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/08\/Bitcoin-5.png?resize=1024%2C468?w=768 768w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/08\/Bitcoin-5.png?resize=1024%2C468?w=860 860w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/08\/Bitcoin-5.png?resize=1024%2C468?w=1536 1536w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/08\/Bitcoin-5.png?resize=1024%2C468?w=750 750w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/08\/Bitcoin-5.png?resize=1024%2C468?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" loading=\"lazy\" data-recalc-dims=\"1\"\/><\/p>\n<p>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener\">BTCUSD on TradingView.com<\/a><\/p>\n<p>The subsequent main resistance is close to the pattern line and $29,500. An in depth above the pattern line might begin a good enhance towards $30,000. To spark a gradual uptrend, the value should settle above the $30,000 resistance. In the said case, the value might rise towards $31,200 and even $32,000 within the coming days.<\/p>\n<h2>More Losses In BTC?<\/h2>\n<p>If Bitcoin fails to clear the $29,500 resistance, it might proceed to maneuver down. Immediate assist on the draw back is close to the $29,320 stage.<\/p>\n<p>The subsequent main assist is close to the $29,220 stage or the 61.8% Fib retracement stage of the important thing enhance from the $28,628 swing low to the $30,190 excessive. A draw back break beneath the $29,220 stage may spark bearish strikes. In the said case, the value might revisit $29,000. Any extra losses may name for a transfer towards the $28,500 stage within the close to time period.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now gaining tempo within the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now beneath the 50 stage.<\/p>\n<p>Major Support Levels \u2013 $29,220, adopted by $29,000.<\/p>\n<p>Major Resistance Levels \u2013 $29,400, $29,500, and $30,000.<\/p>\n<\/p><\/div>\n<p>[ad_2]<br \/>\n<br \/><a href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-next-leg-lower-28800\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] Bitcoin value is shifting decrease from the $30,200 zone. BTC is signaling a recent decline and there&#8217;s a danger of a drop towards the $28,500 assist. Bitcoin is struggling to stay in a optimistic zone above $29,200. The value is buying and selling beneath $29,500 and the 100 hourly Simple shifting common. There is 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