TA: Bitcoin Price Resumes Decline, Can The Bulls Save This Support

Bitcoin started a fresh decline from the $32,400 resistance against the US Dollar. BTC must stay above the $29,450 to avoid more downsides. Bitcoin started a fresh decline after it failed to clear the $32,400 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 key bullish trend line with support near $31,750 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could extend its decline if it breaks the $29,450 and $29,400 support levels. Bitcoin Price Trims Gains Bitcoin price started another decline from the $32,400 resistance zone. There was a steady decline below the $32,000 and $31,500 levels. More importantly, there was a break below a key bullish trend line with support near $31,750 on the hourly chart of the BTC/USD pair. The pair traded below the 50% Fib retracement level of the upward move from the $28,250 swing low to $32,400 high. Bitcoin price is now trading below the $30,000 level and the 100 hourly simple moving average. The price is also consolidating near the 61.8% Fib retracement level of the upward move from the $28,250 swing low to $32,400 high. An immediate resistance on the upside is near the $30,000 level. The next major resistance is near the $30,400 and the 100 hourly simple moving average. Source: BTCUSD on TradingView.com A clear move above the $30,400 resistance level could start another increase. In...