Bitcoin Bears Keep Pushing, Why BTC Could Still Nosedive

Bitcoin is moving lower towards the key $29,500 support against the US Dollar. BTC must stay above $29,500 to avoid a major downside break.

• Bitcoin is struggling to stay above the $29,500 support zone.
• The price is now trading below the $30,500 level and the 100 hourly simple moving average.
• There is a key contracting triangle forming with resistance near $31,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start a major decline if there is a break below the $29,500 support.

Bitcoin Price Is Showing Bearish Signs
Bitcoin price failed to gain strength above the $31,200 and $31,500 resistance levels. However, there was no clear move, and the price started a fresh decline below $31,000.
There was a move below the $30,850 and $30,500 support levels. The price even spiked below the $30,000 level and settled below the 100 hourly simple moving average. It traded close to the $29,500 support zone and formed a low at $29,561.
Bitcoin is now consolidating losses and trading above the $29,800 level. An immediate resistance on the upside is near the $30,030 level. It is near the 23.6% Fib retracement level of the recent decline from the $31,550 swing high to $29,561 low.
The first major resistance is near the $30,500 level and the 100 hourly SMA. It is near the 50% Fib retracement level of the recent decline from the $31,550 swing high to $29,561 low.

Source: BTCUSD on TradingView.com
The main resistance is near the $31,000 level. There is also a key contracting triangle forming with resistance near $31,050 on the hourly chart of the BTC/USD pair. A clear move above the $31,050 resistance level could send the price further higher. The next major resistance might be $31,500, above which the price could start a decent increase.
Downside Break in BTC?
If bitcoin fails to clear the $31,050 resistance zone, it could start another decline. An immediate support on the downside is near the $29,650 level.
The next major support is near the $29,500 level. A downside break below the $29,500 support could put a lot of pressure on the bulls. In the stated case, the price could drop towards the $28,500 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $29,800, followed by $29,500.
Major Resistance Levels – $30,500, $31,050 and $31,500.