Bitcoin Price Key Indicators Suggest A Strong Case For More Losses

Aug 16, 2023 04:00 am Cryptocurrency 132

Bitcoin price moving lower below the $29,500 zone. BTC remains at risk of more downsides below the $29,000 support zone.

Bitcoin is still trading well below the $29,650 resistance zone.

The price is trading below $29,300 and the 100 hourly Simple moving average.

There is a connecting bearish trend line forming with resistance near $29,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could continue to move down and break the $29,000 support zone.

Bitcoin Price Turns Red

Bitcoin price failed to start a recovery wave above the $29,500 resistance zone. BTC started another decline from the $29,450 swing high. There was a clear move below the $29,250 level.

The price retested the $29,100 support zone. A low is formed near $29,075 and the price is now consolidating losses. It is trading above the 23.6% Fib retracement level of the recent decline from the $29,450 swing high to the $29,075 low.

Bitcoin ..

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