Bitcoin price tumbled below the $28,400 support. BTC tested $24,800 and is currently attempting a recovery wave toward $27,000.
- Bitcoin is down over 6% and trading below the $27,000 support zone.
- The price is trading below $26,800 and the 100 hourly Simple moving average.
- There are two bearish trend lines forming with resistance near $27,500 and $28,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to move down and trade below the $25,800 support.
Bitcoin Price Breaks Support
Bitcoin price started a fresh decline after it failed to stay above the $28,400 support zone. BTC declined heavily after it broke the $28,000 support zone.
It is down over 6% and there was a spike below the $25,500 support zone. A low is formed near $24,800 and the price is now attempting a recovery wave. It recovered above the $25,000 and $26,000 levels. However, the bears are now protecting the 50% Fib retracement level of the downward move from the $29,182 swing high to the $24,800 low.Bitcoin is now trading below $27,000 and the 100 hourly Simple moving average. There are two bearish trend lines forming with resistance near $27,500 and $28,500 on the hourly chart of the BTC/USD pair.
Immediate resistance is near the $27,000 level. The next major resistance is near $27,500 and the trend line. It is close to the 61.8% Fib retracement level of the downward move from the $29,182 swing high to the $24,800 low. The main resistance is now forming near the $28,500 zone and the 100 hourly Simple moving average.