Bitcoin price extended its decline below the $28,000 support. BTC tested $27,650 and is currently attempting a minor upside correction.
- Bitcoin is showing bearish signs below the $28,500 resistance zone.
- The price is trading below $28,200 and the 100 hourly Simple moving average.
- There is a major bearish trend line forming with resistance near $28,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct higher but upsides might be limited above the $28,500 level.
Bitcoin Price Extends Decline
Bitcoin price failed to start a recovery wave above the $29,000 resistance zone. BTC extended its decline and traded below the $28,200 support zone.
The price even broke the $28,000 level and tested $27,650. A low is formed near $27,664 and the price is now consolidating losses. It is trading near the $28,000 resistance zone. There is also a major bearish trend line forming with resistance near $28,000 on the hourly chart of the BTC/USD pair.
Besides, Bitcoin is trading below $28,200 and the 100 hourly Simple moving average. Immediate resistance is near the $28,050 level. The next major resistance sits near the $28,200 zone and the 23.6% Fib retracement level of the downward move from the $29,975 swing high to the $27,664 low.
The first major resistance is near $28,500, above which the price may perhaps test the 50% Fib retracement level of the downward move from the $29,975 swing high to the $27,664 low.
Source:
The main resistance is near $29,000 and the 100 hourly Simple moving average. A close above the $29,000 resistance could send Bitcoin toward $29,500. Any more gains could open the doors for a test of the key barrier at $30,000.
More Losses in BTC?
If Bitcoin’s price fails to clear the $28,200 resistance, it could continue to move down. Immediate support on the downside is near the $27,650 level.
The next major support is near the $27,200 zone, below which the price might dive toward the $26,500 support zone. Any more losses might take Bitcoin toward $25,500 in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 40 level.
Major Support Levels – $27,650, followed by $27,200.
Major Resistance Levels – $28,200, $28,500, and $28,800.
