The price of Bitcoin against the US dollar has started a new round of decline from the $28500 range.The current price is below $27700 and the 55 hour simple moving average (4 hours)
- The price of Bitcoin against the US dollar has started a new round of decline from the $28500 range.
- The current price is below $27700 and the 55 hour simple moving average (4 hours).
- The BTC/USD currency pair broke through the key contract triangle support level of around $27750 on the 4-hour chart (data from Coinbase).
- If the currency pair remains above the support range of $26500, it may start a new upward trend.
Bitcoin fell below $28500 against the US dollar. If bulls remain active above the $26500 range, Bitcoin may rise again.
Bitcoin Price Analysis
Bitcoin prices have started a new round of decline from the resistance zone of $28500. Before the price began to decline and correct, a high point was formed around $28614. Clearly below the levels of $28000 and $27800.
In addition, the 4-hour chart of the Bitcoin/US dollar pair also broke the key contract triangle, with support around $27750. Short positions can push prices below the 50% Fib retracement level, which moves upward from a fluctuating low of $25982 to a high of $28614.
The current transaction price is below $27700 and the 55 hour simple moving average (4 hours). However, bulls are currently active near the support level of $27000. They are protecting the 61.8% Fib pullback from the fluctuating low of $25982 to the high of $28614 in the upward trend.
The direct resistance to the upward trend is around $27300. The next major resistance level may be located near the $27800 area and the 55 day simple moving average (4 hours).
A clear breakthrough above the $27800 level may push the price towards $28500, above which the price may rise to the $29500 level. Any further increase may push the price towards the $30000 area. If there is no upward breakthrough, prices may continue to fall below the $27000 level.
The first major support level is $26600. The next key support is around $26500, below which prices may accelerate their decline. In the above situation, the price may drop to the level of $26000. Any further losses may push the price to the level of $25500.
From the chart, the price of Bitcoin is clearly below $27500 and the simple moving average of $55 (4 hours). Overall, if the price remains above the support range of $26500, a new round of upward trend may begin.
Technical indicators
4-hour MACD - MACD is currently gaining momentum in bearish areas.
4 hour RSI (relative strength index) - RSI is currently below the 50 level.
Key support levels - $27000 and $26500.
Key resistance levels - $27300, $27800, and $28500.
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