Bitcoin Approaches Critical Support at $30,000 and Bears Threaten To Go Short

May 09, 2022 at 11:55 // Price
Coin Idol
The current downtrend has reached the oversold area of the market

Bitcoin (BTC) price is in a downtrend as the largest cryptocurrency has regained the previous level of $32,937. The previous low is the historical price level of January 24.

Bitcoin (BTC) Price Long Term Forecast: Bearish

All indications are that Bitcoin will hit the low of $32,937 again before a new uptrend begins. Moreover, the current downtrend has reached the oversold area of the market. 

Today, the BTC price has dropped to the low of $33,593 at the time of writing. Bitcoin is falling and approaching the psychological price level of $30,000. On the upside, Bitcoin will pull back and rise above the $30,000 support. On the other hand, if the bears break below the psychological price level, BTC price will fall and regain the low of $32,937,

Bitcoin (BTC) Indicator Display

Bitcoin is at level 30 of the Relative Strength Index for period 14. The largest cryptocurrency is also below the 20% range of the daily stochastic. The price indicators suggest that the market has reached the oversold zone. It is likely that buyers will appear in the oversold region and push the prices up. The 21-day line SMA and the 50-day line SMA are sloping downward, indicating a downward trend. 

BTCUSD( Daily Chart) - April 9.png

Technical Indicators: 

Key resistance levels - $65,000 and $70,000

Key support levels - $60,000 and $55,000

What is the next direction for BTC/USD?

Bitcoin has continued to fall. The price indicator has indicated a possible decline to a new low. Meanwhile, on April 26, the downtrend; a retreating candlestick tested the 38.2% Fibonacci retracement level. The retracement indicates that BTC will fall to the 2.618 Fibonacci extension level or to the low of $32,735.30.

BTCUSD( Daily Chart 2 - April 9.png

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.

Show comments(0 comments)