TA: Bitcoin Turns Vulnerable, Why BTC Could Soon Test $30K

[RSRS]

Bitcoin price extended its decline below $31,500 before recovering higher against the US Dollar. BTC is likely to face resistance near $32,200 and it might continue to move down.

Bitcoin remains in a bearish zone and it recently traded towards the $31,000 level.
The price is now trading well below $33,000 and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $32,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair must settle above $32,250 and the 100 hourly SMA to start a decent increase in the near term.
Bitcoin Price Remains In Downtrend
After a minor upside correction, bitcoin price failed near $33,000. As a result, BTC started a fresh decline below the $32,000 support level. It even broke the $31,550 swing low and settled well below the 100 hourly simple moving average.

It traded as low as $31,190 before it started an upside correction. There was a break above the $31,500 and $31,600 resistance levels. Bitcoin climbed above the 23.6% Fib retracement level of the recent decline from the $33,210 swing high to $31,190 low.

An immediate resistance on the upside is near the $32,000 level. The first major resistance is near the $32,200 level. There is also a major bearish trend line forming with resistance near $32,250 on the hourly chart of the BTC/USD pair.

The trend line is close to the 50% Fib retracement level of the recent decline from the $33,210 swing high to $31,190 low. A close above the trend line resistance could push the price towards the $33,000 resistance and the 100 hourly SMA.

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