Skip to content
x crypto coin news

X Crypto Coin News

Cryptocurrency News and Prices, Bitcoin and Altcoin News Today

  • Crypto Coin News
  • Coin Market Cap
  • Crypto Technical Charts
  • Crypto Glossary
  • Contact Us
  • Home
  • Crypto Coin News
  • Bitcoin Analysis
  • Crypto Coin News

Bitcoin Analysis

News Editor May 19, 2022 2 min read

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.

Bitcoin Price

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.

Source: cryptohotnews

Tags: bicoinmarket BTC btcprice

Continue Reading

Previous: US crypto mining shares continue to fall
Next: Cosmos(atom) Analysis

You may have missed

Ethereum Firm Is Collecting Your Personal Data Too
2 min read
  • Crypto Coin News

Ethereum Firm Is Collecting Your Personal Data Too

November 26, 2022
Binance Coin Price Analysis (November 13)
2 min read
  • Crypto Coin News

Binance Coin Price Analysis (November 13)

November 13, 2022
Bitcoin Price Analysis
2 min read
  • Crypto Coin News

Bitcoin Price Analysis

November 6, 2022
Dogecoin Price Prediction Today, November 4
1 min read
  • Crypto Coin News

Dogecoin Price Prediction Today, November 4

November 4, 2022
www.xcryptocoinnews.com
  • bitcoinBitcoin(BTC)$23,790.000.12%
  • ethereumEthereum(ETH)$1,668.811.66%
  • tetherTether(USDT)$1.000.27%
  • binancecoinBNB(BNB)$328.312.93%
  • usd-coinUSD Coin(USDC)$1.000.28%
  • rippleXRP(XRP)$0.413712-0.51%
  • cardanoCardano(ADA)$0.4028261.35%
  • dogecoinDogecoin(DOGE)$0.092466-1.81%
  • matic-networkPolygon(MATIC)$1.223.60%
  • SolanaSolana(SOL)$24.87-0.13%
  • polkadotPolkadot(DOT)$6.663.47%
  • Shiba InuShiba Inu(SHIB)$0.0000123.22%
  • litecoinLitecoin(LTC)$99.411.25%
  • AvalancheAvalanche(AVAX)$21.816.70%
  • tronTRON(TRX)$0.0644291.67%
  • daiDai(DAI)$1.000.15%
  • cosmosCosmos Hub(ATOM)$14.46-2.20%
  • chainlinkChainlink(LINK)$7.261.04%
  • moneroMonero(XMR)$175.37-1.15%
  • bitcoin-cashBitcoin Cash(BCH)$138.652.05%
  • stellarStellar(XLM)$0.0930240.66%
  • filecoinFilecoin(FIL)$5.60-0.20%
  • algorandAlgorand(ALGO)$0.2605103.44%
  • vechainVeChain(VET)$0.024439-1.94%
  • Internet ComputerInternet Computer(ICP)$5.89-4.08%
  • decentralandDecentraland(MANA)$0.80-0.63%
  • The SandboxThe Sandbox(SAND)$0.76-1.15%
  • eosEOS(EOS)$1.091.53%
  • MultiversXMultiversX(EGLD)$45.553.05%
  • theta-tokenTheta Network(THETA)$1.091.46%
  • Terra Luna ClassicTerra Luna Classic(LUNC)$0.000172-0.17%
  • tezosTezos(XTZ)$1.112.10%
  • iotaIOTA(MIOTA)$0.2358691.47%
  • KlaytnKlaytn(KLAY)$0.209856-2.19%
  • FTXFTX(FTT)$1.91-20.60%