Bitcoin price analysis in the last few hours shows a continued downtrend after opening the daily trading session on a bearish note, making lower lows at $30,288. The token has been trading in a sideways pattern for most of the day but has now broken to the downside.
Bitcoin has been consolidating between $30,000 and $3,400 for the past few days after a surge in activity saw it move above the high of $30,400. This consolidation has been in the form of a descending triangle where each drop would be met with an immediate rebound back up to around $30,000.
Bitcoin price analysis 24-hour chart: BTC goes down to $30,288 after a bearish takeover
The 24-hour chart for Bitcoin price analysis shows that the bearish pressure has increased in recent hours and the token is now trading below $30,440 resistance. The BTC is down by 0.66 percent at the moment of writing, with the bears pushing the price to a low of $30,288. Looking ahead, if the bears can break below this support at $30,157 and force BTC/USD towards $30,000 then we could see further falls in the coming sessions. On the other hand, a successful defense of this level could lead to a rebound back up to $31,000 or even higher.
The daily technical indicators suggest further bearishness, with the MACD and RSI both confirming negative sentiment in the market. The Stochastic oscillator is also heading towards oversold conditions and could indicate a buying opportunity if BTC rebounds off of this level. The Bollinger bands are also slightly converging prior to the breakout, which could suggest that there is a low volume buying pressure. The upper band is currently located at $30,910, while the lower band is located at $26,746.
Bitcoin price action on a 4-hour price chart: Bearish trend line intact
Bitcoin price analysis on the 4-hour chart indicates the coin has formed a bearish flag pattern and is targeting a break below the $30,000 level. The market opened today with a bearish candle at $30,310 and since then has been posting lower lows and a bearish trendline is still intact.
The moving averege convergence divergence (MACD) is also showing bearish momentum and has crossed over into the negative territory suggesting more downside in the short-term. The relative strength index (RSI) is currently sitting at 37 which indicates that there could still be room for further price action on the downside. The Bollinger bands are also tightly converging which indicates low volatility in the market. The upper band is currently located at $30,400 while the lower band is located at $29,850.
Bitcoin price analysis conclusion
Overall, Bitcoin price analysis indicates that the bears are in full control and we could see BTC/USD fall further if it fails to defend the $30,157 support level. The technical indicators also show bearish momentum and a break below $30,000 could potentially lead to a further drop towards $29,000 in the coming days. However bulls might be able to make a comeback if they can defend the support level and push the price back up above $30,400.
While waiting for Bitcoin to move further, see our Price Predictions on XDC, Polkadot, and Curve
