The price of bitcoin is gradually declining below $28,500. Before the bulls take a stand, Bitcoin may go down to the $28,000 mark or the 100 hourly SMA.
The price of bitcoin is not moving above $28,500 at this time. The 100 hourly Simple moving average and $27,750 are being crossed by the price.
On the hourly chart of the BTC/USD pair, there was a breach below a significant bullish trend line, with support located at $28,400 (data feed from Kraken).
Bitcoin’s Next Move: Could a Downward Trend Precede $29K?,Bitcoin’s Next Move: Could a Downward Trend Precede $29K?
Before attempting a new rise, the pair may go back to the 100 hourly Simple moving average.
The price of bitcoin continues its downward trend.
The price of bitcoin began to decline from the $30,000 barrier level. BTC sank below the $28,500 pivot mark as it fought to remain in a positive zone.
The price was recently driven below $28,200 by the bears. Also, on the hourly chart of the BTC/USD pair, there was a breach below a significant bullish trend line with support close to $28,400. The price has created a bottom around $28,150, and it is currently consolidating losses.
The 100 hourly Simple Moving Average and $27,750 are now being traded above by Bitcoin. Immediate barrier on the upside is close to the $28,550 mark. In terms of the most recent slide from the $28,980 swing high to the $28,150 low, it is almost at the 50% Fib retracement level.
The 76.4% Fib retracement level of the current slide from the $28,980 swing high to the $28,150 low, or about $28,800, might be the next significant resistance level.
Right now, the $29,000 zone is where the primary resistance lies. A convincing advance above the $29,000 resistance level would pave the way for a more significant rise. Possible next major resistance level is $29,500. If there are any additional rises, Bitcoin may reach the $30,000 mark.
More Bitcoin Losses?
Bitcoin may decline much further if it is unable to break above the resistance level of $28,550. Substantial downside support is located close to the $28,150 mark.
The 100 hourly Simple moving average and the $28,000 mark mark the location of the next significant support. Further losses might be imminent if there is a fall break and closing below the $28,000 support level. It might test $28,120 below the next support level, which is at $27,660.
- Hourly MACD: The MACD is currently moving faster towards the negative area.
- Relative Strength Index (RSI) hourly: At this point, the BTC/USD RSI is below the 50 threshold.
- Levels of Major Support: $28,150, then $28,000.
- The key levels of resistance are $28,550, $28,800, and $29,000.
Bitcoin’s Next Move: Could a Downward Trend Precede $29K?,Bitcoin’s Next Move: Could a Downward Trend Precede $29K?,Bitcoin’s Next Move: Could a Downward Trend Precede $29K?, Bitcoin Crypto news, Bitcoin News