Bitcoin has seen a drastic 15% drop in the past 24 hours, which saw the cryptocurrency drop by $ 7,000 to below $ 29,000. This dream fell below the previous symmetrical triangle we tracked and landed on the lower bound of a long-term bearish triangle.

 

 

More specifically, Bitcoin was able to find support at $ 30,760, provided by the short-term .786 Fib retracement level. However, BTC rose below it and dropped as low as $ 28,800 today, but did not close a 4-hour candle below the support which could turn into a short-term bullish (already started) for a possible correction.

The recovery in the support below the triangle was accompanied by a strong increase in volume. In the last three events, it has increased every time Bitcoin approaches this level, and this has caused a reversal.

However, all eyes are now focused on the $ 30,000 support level. Analysis of this can see Bitcoin returning below its 2021 opening price to $ 26,000.

Bitcoin (BTC) Price Support and Resistance Levels To Watch

Key Support Levels: $ 30,760, $ 30,000, $ 29,630, $ 28,500, $ 27,870.

Key Resistance Levels: $ 32,500, $ 34,000, $ 34,450, $ 35,800, $ 36,200.

Looking ahead, if sellers go downside, the initial support level is at $ 30,760 (short term .786 Fib). This is followed by the lower bound of the triangle that decreases from $ 30,000.

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Next targets are $ 29,630 (.5 Fib), $ 28,500 (short term downside 1.414 Fib Extension), $ 27,870 (downside 1,272 Fib Exetension) and $ 26,760 (.618 Fib).

On the other hand, the initial resistance level is $ 32,500. This is followed by $ 34,000, $ 34,450 (bearish .5 Fib), $ 35,800 (bearish .618 Fib) and the triangle’s upper bound of about $ 36,200.

 

BTC / USDT hourly outlook

 

Looking at the 1-hour RSI, we can identify a bullish trend. With the enormous volume of the 4-hour buyer candle, it could go up in the short term.

4-hour Bitcoin chart

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