Blog

Bitcoin worth is transferring decrease beneath $29,000. BTC may lengthen losses beneath $28,000 and revisit the $27,200 assist zone within the close to time period.

• Bitcoin remained in a bearish zone beneath the $29,500 assist zone.
• The worth is buying and selling beneath $29,000 and the 100 hourly Simple transferring common.
• There is a serious bearish development line forming with resistance close to $28,500 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair may proceed to maneuver down if it breaks the $28,000 assist zone.

Bitcoin Price Extends Losses

Bitcoin worth began a fresh decline from the $30,500 resistance zone. BTC traded beneath the $30,000 and $29,500 ranges to maneuver right into a short-term bearish zone.

The bears gained energy beneath the $29,000 degree. They had been capable of push the worth towards the $28,000 assist zone. A low is shaped close to $28,009 and the worth is now consolidating losses. Bitcoin worth is now buying and selling properly beneath $29,000 and the 100 hourly Simple moving average.

Immediate resistance is close to the $28,500 degree. There can be a serious bearish development line forming with resistance close to $28,500 on the hourly chart of the BTC/USD pair.

The 23.6% Fib retracement degree of the downward transfer from the $30,461 excessive to the $28,009 low can be simply above the development line. The first main resistance is forming close to the $28,800 degree. The subsequent main resistance is close to the $29,250 zone.

Source: BTCUSD on TradingView.com

It is near the 50% Fib retracement degree of the downward transfer from the $30,461 excessive to the $28,009 low. A transfer above the $29,250 resistance would possibly name for a good improve. In the said case, the worth might maybe revisit the $30,000 zone. Any extra beneficial properties may open the doorways for a check of $30,500.

More Losses in BTC?

If Bitcoin’s worth fails to clear the $28,500 resistance, it may proceed to maneuver down. Immediate assist on the draw back is close to the $28,100 degree.

The subsequent main assist is close to the $28,000 zone. A draw back break and shut beneath the $28,000 assist would possibly push the worth towards the $27,400 assist. Any extra losses would possibly push Bitcoin towards $27,200.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now beneath the 50 degree.

Major Support Levels – $28,000, adopted by $27,200.

Major Resistance Levels – $28,500, $28,800, and $29,250.