Bitcoin’s price was unable to break through the $33,000 resistance level. As a result, BTC began to fall again, trading below the important $30,000 support level.
The 55 simple moving average and the $28,500 barrier were both broken (4-hours). The price dropped below $27,000 on several occasions. Before there was a recovery wave, a low was made near $25,338. The price broke through the $29,200 resistance level.
The price even broke through the 23.6 percent Fib retracement level of the decline from the $40,050 swing high to the $25,338 low. Near the $30,250 mark, there is immediate upside resistance.
On the 4-hours chart of the BTC/USD pair, a big negative trend line is forming with resistance near $30,250. On the upside, the next big obstacle is near $31,000. In order to begin another increase, the price must rise above $31,000 in the near future.
In this scenario, bitcoin might rise to the $32,000 resistance level or perhaps the 50% Fib retracement level of the decline from the $40,050 swing high to the $25,338 low.
If no upside break occurs, the price may begin a new drop below $30,000. The next important level of support is about $28,600. Any further losses might lead to a test of the $26,500 support zone, where the bulls may establish a position in the short term.
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