Bitcoin prices are slowly falling below the level of $28500. Before the bulls take a stance, BTC may fall towards the $28000 level or the 100 hour moving average
Bitcoin prices are slowly falling below the level of $28500. Before the bulls take a stance, BTC may fall towards the $28000 level or the 100 hour moving average.
- Bitcoin is striving to gain momentum to break through the $28500 level.
- The price is trading above $27750 and the 100 hour simple moving average.
- The hourly chart of the BTC/USD currency pair broke the key bullish trend line, with support around $28400 (data from Kraken).
- Before attempting a new rise, the currency pair may re examine the 100 hour simple moving average.
Bitcoin Price Continues Downward Correction
Bitcoin prices have started a downward correction from the resistance zone of $30000. BTC strives to remain in a positive area and stabilize below the pivot level of $28500.
Recently, bears have pushed prices below $28200. In addition, the hourly chart of the BTC/USD currency pair broke the key bullish trend line, with support around $28400. A low point has formed near $28150, and the price is currently consolidating its decline.
Bitcoin currently trades at prices above $27750 and the 100 hour simple moving average. On the positive side, direct resistance is around $28550. It is close to the 50% Fib retracement level, which has recently fallen from a fluctuating high of $28980 to a low of $28150.
The next key resistance level may be around $28800, which is the 76.4% Fibonacci pullback level that has recently fallen from a fluctuating high of $28980 to a low of $28150.
The main resistance is currently located near the $29000 area. Clearly breaking through the $29000 resistance zone may lay the foundation for a larger increase. The next key resistance level may be $29500. If it continues to rise, Bitcoin may rise to the level of $30000.
Bitcoin loses more?
If Bitcoin fails to break through the resistance level of $28550, it may further decline. The direct support for the downward trend is around $28150.
The next major support level is around the $28000 level and the 100 hour simple moving average. Breaking through the downward trend and closing below the support level of $28000 may cause more losses in the short term. The next support level is $27660, below which $28120 may be tested.
Technical indicators:
Hourly MACD - MACD is currently accelerating in bearish areas.
Hourly RSI (Relative Strength Index) - The RSI for BTC/USD is currently below the 50 level.
The main support level is $28150, followed by $28000.
Main resistance levels - $28550, $28800, and $29000.
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