TA: Bitcoin Trims Gains, Why BTC Could Start Fresh Decline

May 19, 2022 04:00 am Cryptocurrency 126

Bitcoin extended decline and traded below $29,000 against the US Dollar. BTC must stay above the $28,500 level to avoid a sharp decline in the near term.

Bitcoin started a fresh decline from the $30,500 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 connecting bullish trend line with support near $29,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could extend decline if there is a clear move below the $28,500 support zone.

Bitcoin Price Is Showing Bearish Signs

Bitcoin price failed to clear the $30,500 resistance zone and started a fresh increase. There was a clear move below the $29,500 and $29,000 support levels.

Besides, there was a break below a connecting bullish trend line with support near $29,600 on the hourly chart of the BTC/USD pair. The pair is now trading below $30,000 and the 100 hourly simple moving average. It tested the $28,500 support zone.

A low ..

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