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BTC Uptrend Shatters As Declines To $30,000 Beckon

U.K's First Bitcoin ETP for Institutions Goes Live on Aquis Exchange


  • Bitcoin price pulls the entire market down as support at $33,000 is tested.
  • BTC’s short-term technical indicators flash sell signal as losses gain momentum.

Bitcoin price seems to have abandoned the uptrend toward $40,000 due to the resistance at $35,000. Over the last two weeks, BTC’s price action within the confines of an ascending parallel pattern.

In addition to the 200 Simple Moving Average (SMA) resistance, selling orders soared amid the bullish camp’s exhaustion. At the time of writing, support at $34,000 has been lost, giving Bitcoin leeway to explore the rabbit hole to $33,000.

Bitcoin price declines to $30,000 linger

The flagship cryptocurrency path with the slightest hurdles is downward based on the broken ascending channel’s support. Moreover, Bitcoin is currently trading beneath all the applied moving averages on the four-hour chart, including the 50 SMA, the 100 SMA, and the 200 SMA. In other words, support has been reduced to the bare minimum, which could accentuate the bearish outlook toward $30,000.

BTC/USD four-hour chart

BTC/USD price chart
BTC/USD price chart by Tradingview

Support at $33,000 remains critical to the resumption of the uptrend. However, if broken, traders should prepare for the correction to continue. The Relative Strength Index (RSI) has dipped below the midline and is closing in on the oversold region, adding credence to the bullish outlook.

The Moving Average Convergence Divergence (MACD) indicator has also presented a sell signal in the same four-hour timeframe. This indicator follows the trend of an asset and calculates its momentum. In turn, the MACD sends out bullish and negative signals.

Following the MACD line (blue) crossing beneath the signal line, a call to sell appeared. The MACD dip will reinforce this bearish outlook under the mean line (blue) into the negative region.

Note that bulls hope to secure the support at $33,000, but if they fail to, the next anchor is expected at $32,000, which may avert the bearish leg from extending to $30,000.

Bitcoin price intraday levels

Spot rate: $33,350

Trend: Bearish

Volatility: Expanding

Support: $33,000 and $32,000

Resistance: $34,000 and $36,000

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

About Author

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige





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