Bitcoin has stopped its bullish advance right at the 200 EMA around 32,200. This moving average has become a strong resistance for BTC which is pushing the price down. Now Bitcoin is again trading at around the psychological level of 30,000.

Bitcoin has a certain correlation with the Nasdaq-100 which has been retreating since the early American session. So, bitcoin is falling in parallel.

If Bitcoin consolidates around the psychological level of $30,000 in the next few hours or around the 21 SMA located at 30,500, it will be an opportunity to buy again with targets at 32,300 and the price could even reach 3/8 Murray at 34,375.

On the contrary, if the downward pressure prevails, Bitcoin has strong support at around 29,350, this level coincides with the symmetrical triangle that was broken on May 30. This area has become strong support for BTC. If the token bounces, it will be an opportunity to buy with targets at 31,250, 32,300 (200 EMA) and 34,375 (3/8 Murray).

On May 30, the eagle indicator reached the extremely overbought zone. Therefore, we are observing a technical correction in Bitcoin which is likely to continue in the next few hours until the price reaches the support level of 29,350. After the overbought pressure ebbs away, BTC could resume the upward movement as long as it remains above the symmetrical triangle.

Our trading plan for the next few hours is to wait for Bitcoin's consolidation at around 30,000 or around 29,350 to buy with targets at 31,500 (2/8 Murray) and 34,375 (3/8 Murray).