Bitcoin price is struggling to clear the $28,200 resistance. BTC is moving lower again and could drop towards the $27,000 support zone.
- Bitcoin attempted an upside break above $28,200 but failed.
- The price is trading below $28,000 and the 100 Simple hourly moving average.
- A connecting bearish trendline is forming with resistance near USD 28,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could decline further if it stays below USD 28,000 and USD 28,200.
Bitcoin Price Facing Rejection
Bitcoin price started a recovery wave above the $27,800 level. BTC managed to break through the $28,000 resistance zone and spiked above the 100 hourly simple moving average.
However, the bears were active above the $28,200 resistance. A high was formed near USD 28,334 and the price fell towards USD 27,000. A low is formed near $26,792 and the price is now consolidating. It is trading near the recent drop in the 50% Fib retracement level from the $28,334 swing high to the $26,792 low.
Bitcoin is trading below $28,000 and the 100 simple hourly moving average. A contiguous bearish trendline is also forming with resistance near USD 28,000 on the hourly chart of the BTC/USD pair.
Immediate resistance is near the $27,750 level. The next major resistance is near the $28,000 level or trendline. It is close to the recent decline of the 76.4% Fib retracement level from the $28,334 swing high to the $26,792 low. The main resistance is now forming near the $28,200 level and the 100 simple hourly moving average.
Source: BTCUSD at TradingView.com
A close above the $28,200 resistance could start a decent increase. The next key resistance is near $28,500, above which the price could rise towards the $29,200 resistance. Any further gains could open the door for a decent move towards the $29,500 resistance.
New Decline in BTC?
If the price of Bitcoin fails to clear the $28,000 resistance, it could fall further. Immediate support on the downside is near the $27,200 level.
The next major support is near the $27,000 zone, below which the price could move further into a bearish zone. In the said case, it could revisit the $26,500 level. More losses could push Bitcoin to the $26,200 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 below the 50 level.
Major Support Levels – $27,200 followed by $27,000.
Major resistance levels – $28,000, $28,200 and $28,500.
