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.
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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.
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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.
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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.
Technical signs:
- 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.
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