{"id":137649,"date":"2023-09-02T05:21:20","date_gmt":"2023-09-01T23:51:20","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=137649"},"modified":"2023-09-02T05:21:20","modified_gmt":"2023-09-01T23:51:20","slug":"bitcoin-price-key-indicators-suggest-a-strong-case-for-more-losses-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bitcoin-price-key-indicators-suggest-a-strong-case-for-more-losses-crypto-news\/","title":{"rendered":"Bitcoin Price Key Indicators Suggest A Strong Case For More Losses &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p><em>Bitcoin price moving lower below the $29,500 zone. BTC remains at risk of more downsides below the $29,000 support zone.<\/em><\/p>\n<ul>\n<li>Bitcoin is still trading well below the $29,650 resistance zone.<\/li>\n<li>The price is trading below $29,300 and the 100 hourly Simple moving average.<\/li>\n<li>There is a connecting bearish trend line forming with resistance near $29,250 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could continue to move down and break the $29,000 support zone.<\/li>\n<\/ul>\n<h2>Bitcoin Price Turns Red<\/h2>\n<p>Bitcoin price failed to start a recovery wave above the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-muted-29650\/\">$29,500 resistance zone<\/a>. BTC started another decline from the $29,450 swing high. There was a clear move below the $29,250 level.<\/p>\n<p>The price retested the $29,100 support zone. A low is formed near $29,075 and the price is now consolidating losses. It is trading above the 23.6% Fib retracement level of the recent decline from the $29,450 swing high to the $29,075 low.<\/p>\n<p>Bitcoin is now trading below $29,300 and the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-grinds-lower-29k\/\">100 hourly Simple moving average<\/a>. There is also a connecting bearish trend line forming with resistance near $29,250 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>Immediate resistance is near the $29,250 level and the trend line. It is close to the 50% Fib retracement level of the recent decline from the $29,450 swing high to the $29,075 low. The next major resistance is near $29,360 and the 100 hourly Simple moving average.<\/p>\n<\/p>\n<p>Source: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\">BTCUSD on TradingView.com<\/a><\/p>\n<p>The first major resistance is now forming near the $29,500 level. The main resistance is still near $29,650. A close above the $29,650 resistance could start a decent increase toward the $30,000 resistance zone. Any more gains might set the pace for a larger increase toward $30,500.<\/p>\n<h2>More Losses In BTC?<\/h2>\n<p>If Bitcoin fails to clear the $29,360 resistance, it could continue to move down. Immediate support on the downside is near the $29,100 zone.<\/p>\n<p>The next major support is near the $29,000 level. A downside break below the $29,000 level might start another steady decline. In the stated case, the price could drop toward $28,400.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $29,100, followed by $29,000.<\/p>\n<p>Major Resistance Levels \u2013 $29,250, $29,360, and $29,500.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price moving lower below the $29,500 zone. BTC remains at risk of more downsides below the $29,000 support zone. Bitcoin is still trading well below the $29,650 resistance zone. The price is trading below $29,300 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance near $29,250 [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":11351,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-137649","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/137649","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=137649"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/137649\/revisions"}],"predecessor-version":[{"id":137650,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/137649\/revisions\/137650"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/11351"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=137649"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=137649"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=137649"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}