TA: Why Bitcoin Still At Risk of A Fresh Decline Below $29K

May 16, 2022 04:00 am Cryptocurrency 173

Bitcoin attempted a recovery wave above the $30,000 resistance against the US Dollar. BTC is struggling near $31,000 and might start a fresh decline.

Bitcoin recovered above the $30,000 level but struggled above $31,000.

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

There is a key bullish trend line forming with support near $30,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could start a fresh decline if it clears the $30,000 support zone

Bitcoin Price Faces Hurdles

Bitcoin price started a decent recovery wave from the $25,000 support zone. BTC gained pace for a move above the $28,000 level and the 100 hourly simple moving average.

It even cleared the $30,000 resistance zone. However, the bulls struggled to stay in action above the $31,000 level. A high is formed near $31,390 and the price is now slowing moving lower. There was a move below the $31,000 level.

Bitcoin moved below the 23.6% Fib retracement level of the upward move from ..

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