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Home»Analysis»Bitcoin price is consolidating losses, this resistance may trigger another drop
Analysis

Bitcoin price is consolidating losses, this resistance may trigger another drop

2023-05-09No Comments2 Mins Read
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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.

Bitcoin price

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.

See also  Bitcoin Poised for 'Some Kind of Thanksgiving Rally', According to Crypto Analyst – Here Are His Targets

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.

Source link

Bitcoin consolidating Drop losses Price Resistance trigger
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