Bitcoin Price Analysis: BTC charts triangle breakdown as correction from record highs gathers steam
|- BTC/USD threatens 100-HMA after correcting sharply from $34,800.
- A symmetrical triangle breakdown spotted on the hourly chart.
- Dip buying could be seen again in Bitcoin so long as $30K holds.
Bitcoin (BTC/USD) is looking to crack the $30K level, as the retracement from all-time-highs picks up pace in the first full trading week of 2021.
The no. 1 coin extended its recent rally and recorded fresh parabolic highs at 34,799 on Sunday, having surged by over 300% in 2020. The sellers stepped in thereafter, knocking off the prices by almost $3400.
BTC/USD: Hourly chart
Looking from a technical perspective, the most favorite digital asset is set to extend the corrective pullback, as it has confirmed a symmetrical triangle breakdown on the hourly chart.
The price continued to face rejection at the critical 21-hourly moving average, now at $33,088, prompting the bears to regain control.
At the moment, the bears are taking a breather before the next push lower. Immediate support awaits at the 100-HMA of $30,935.
Further south, the critical $30K level will challenge the bears’ commitment, below which the upward-sloping 200-HMA support at $29,131 could be tested.
Markets could witness dip-buying opportunities so long as the bulls manage to defend the $30K threshold.
Any pullbacks could meet strong supply at the bullish 50-HMA hurdle at $32,695. Acceptance above the latter could bring the 21-HMA resistance back in play.
The hourly Relative Strength Index (RSI) points south, holding well above the oversold territory, suggesting that there is room for a deeper correction.
Bitcoin: Additional levels
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