TA: Bitcoin Price Stuck In Key Range, Why Dips Might Be Limited

May 24, 2022 04:00 am Cryptocurrency 110

Bitcoin failed again to clear the $30,600 resistance zone against the US Dollar. BTC is declining, but the bulls might remain active near $28,500.

Bitcoin failed to gain strength for a move above the $30,600 resistance zone.

The price is now trading below the $30,000 level and the 100 hourly simple moving average.

There was break below a major bullish trend line with support near $29,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could continue to move down towards the main $28,700 support zone.

Bitcoin Price Tops Again

Bitcoin price attempted a fresh increase from the $28,500 support zone. There was a clear move above $30,000 resistance zone and the 100 hourly simple moving average.

However, the bears were again active near the $30,600 resistance zone. A high was formed near $30,630 and the price started another decline. There was a sharp reaction below the $30,000 support zone and the 100 hourly simple moving average.

Bitcoin traded below the 50% Fib retracement level of the upward move ..

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