TA: Bitcoin Dives To $30K, Why Short-term Recovery Seems Possible

TA: Bitcoin Dives To $30K, Why Short-term Recovery Seems Possible


Bitcoin extended losses and even spiked below $30,000 against the US Dollar. BTC is now consolidating and might correct higher towards the $32,000 resistance.

Bitcoin started a strong decline below the $33,500 and $32,000 levels. The price is now trading below $32,000 and the 100 hourly simple moving average. There are two important bearish trend lines forming with resistance near $32,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might correct higher, but the bears might remain active near $32,000. Bitcoin Price Declines 10%

Bitcoin price remained in a major downtrend and extended downsides below the $35,000 level. BTC traded below the key $33,500 and $32,000 support levels to move further into a bearish zone.

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