Bitcoin Price Forecast: BTC Faces Another Pulldown Toward $30,000

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  • Bitcoin price struggles to sustain the uptrend within the confines of an ascending triangle pattern.
  • The bearish leg could extend to $30,000 if BTC confirms the loss of the 50 SMA support.

Bitcoin price has been bearish throughout the weekend session to the extent of starting a new week in the red. The bulls’ primary goal has been to defend the support at $33,000 and restart the uptrend toward $36,000.

At the time of writing, the flagship cryptocurrency trades slightly above $34,000. The 50 Simple Moving Average (SMA) provides immediate support. Breaking beneath the zone will likely open the Pandora box as sellers gaze toward $30,000.

Can Bitcoin price sustain the uptrend?

The four-hour chart shows Bitcoin trading within the confines of an ascending parallel channel. If support at the 50 SMA and the 100 SMA fail to hold, the channel’s lower edge will come in handy. On the upside, the 200 SMA in the exact time frame could delay recovery. However, Bitcoin may be bolstered above $36,000 if the channel’s middle boundary.

BTC/USD four-hour chart

BTC/USD price chart
BTC/USD price chart by Tradingview

A golden cross pattern appears to have formed within its daily chart. This technical pattern developed the moment the 50-day moving average crossed above the 100-day moving average. Some of the most prominent technical analysts in the industry see this pattern as one of the most definitive buy signals that could start a bull run.

Looking at the other side of the picture

The moving average convergence divergence (MACD) adds credence to the pessimistic outlook, as observed on the chart. This technical indicator, which follows the path of a trend and calculates its momentum, appears to be turning bearish within the same timeframe for the first time since June 30. As the 12-day exponential moving average crosses below the 26-day exponential moving average, the odds for a bearish impulse increased significantly.

Bitcoin intraday levels

Spot rate: $34,350

Trend bearish

Volatility: Low

Support: $33,000

Resistance: $36,000

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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