Bitcoin price failed to clear the $30,000 resistance. BTC is falling and remains at risk of moving into the $27,200 support zone.
- Bitcoin is moving lower from the $29,750 resistance zone.
- The price is trading below $28,800 and the 100 Simple hourly moving average.
- A major bearish trendline is forming with resistance near USD 28,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could drop further if there is a move below the USD 28,000 support.
Bitcoin price extends losses
Bitcoin price struggled to break through the $30,000 resistance zone. BTC faced a strong rejection near USD 29,750 and it started a fresh decline. There was clear movement below the $29,200 and $29,000 levels.
It was trading near the $28,000 support. A low is forming near USD 28,100 and the price is now consolidating losses. It is now trading below $28,800 and the 100 Simple hourly moving average. A major bearish trendline is also forming with resistance near USD 28,650 on the hourly chart of the BTC/USD pair.
Bitcoin is facing resistance near the $28,600 level. It is close to the 50% Fib retracement level of the recent drop from the $29,128 swing high to the $28,100 low.
The next major resistance is near the trendline zone or the 61.8% Fib retracement level of the recent drop from the $29,128 swing high to the $28,100 low, above which the price could rise to the $29,000 resistance zone or the 100 hourly simple moving average.
Source: BTCUSD at TradingView.com
Any more gains could open the door for a decent rally towards the $29,750 resistance. In the said case, the price might rise to the $30,000 level.
Lose more in BTC?
If the price of Bitcoin fails to clear the $28,650 resistance, it could fall further. Immediate downside support is near the $28,000 level and the recent low.
The next major support is near the $27,650 zone, below which the price could drop towards the $27,200 support zone. More losses could push Bitcoin to the $26,500 level in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $28,000 followed by $27,650.
Major resistance levels – $28,650, $29,000 and $29,750.
