Bitcoin price analysis 29 MAY 2021
Hi @LeoFinance Users ,
**Bitcoin’s retracement failed to even reach the 38.2% Fibonacci retracement level from $41,269. This shows that traders are closing their positions in small rallies. **
The downward sloping 20-day exponential moving average ($42,780) and the relative strength index (RSI) in the negative zone suggest that the bears are in control.
Image Source
Price analysis for Bitcoin
If the BTC/USDT pair breaks below $34,000, the drop could extend to the critical support of $30,000. The bulls are likely to defend this support aggressively. If the price rises from the current level, buyers will try to push the price back above the neckline of the head and shoulders pattern.
If they succeed, the pair could rise from $ 48,231 to the 61.8% Fibonacci retracement level. Such a move will show that the pair has dropped to $ 30,000. Conversely, if the bears cut the price below $ 30,000, the sale may intensify as bottom buyers' stops are likely to be hit.
There is a minor support at $28,000, but if this level is broken, the next stop could be $20,000.