Bitcoin price consolidates losses below $28,200. BTC could start a fresh decline unless there is a clear move above the USD 28,500 resistance.
- Bitcoin is consolidating losses and trading above the USD 27,000 support.
- The price is trading below $28,200 and the 100 Simple hourly moving average.
- A major bearish trendline is forming with resistance near USD 28,040 on the BTC/USD pair hourly chart (Kraken data feed).
- The pair could decline further if it stays below USD 28,200 and USD 28,500.
Bitcoin price stable above $27K
Bitcoin price remained in a bearish zone below the USD 28,200 support zone. BTC tested the $27,200 support zone and now appears to be consolidating above the $27,400 level.
A low is formed near USD 27,282 and the price is now slowly moving up. It is consolidating near the 23.6% Fib retracement level of the swing move from $29,129 high to $27,282 low. However, it is still trading below $28,200 and the 100 Simple hourly moving average.
Bitcoin price is now facing resistance near the $28,000 zone. In addition, a major bearish trendline is forming with resistance near USD 28,040 on the hourly chart of the BTC/USD pair.
The next major resistance is near the $28,200 level or the 50% Fib retracement level of the swing move from $29,129 high to $27,282 low. The main resistance is now forming near the $28,500 level and the 100 simple hourly moving average.
Source: BTCUSD at TradingView.com
A close above the $28,500 resistance could spark quite a rise. The next key resistance is near $29,125, above which the price might rise towards the $29,500 resistance. Even more gains could open the door for a decent move towards the $30,000 resistance.
Lose more in BTC?
If the price of Bitcoin fails to clear the $28,200 resistance, it could fall further. Immediate support on the downside is near the $27,250 level.
The next major support is near the $27,000 zone, below which the price could accelerate losses and drop to the $26,000 support zone. More losses could push Bitcoin to the $25,500 level in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $27,250 followed by $27,000.
Major Resistance Levels – $28,050, $28,200 and $28,500.
