Bitcoin Price Resumes Decline, Why BTC Remains At Risk
Bitcoin price remained below the key $30,000 resistance zone. BTC started a fresh decline and there was a sharp move below the $28,500 support zone.
The bears pushed the price below the $28,000 level. The price even tested the $27,500 support and a low is formed near $27,505. However, there was a strong recovery and the price climbed above $28,500. The bulls pushed the price above $29,000 and struggled near $29,000.
There is also a major bearish trend line forming with resistance near $29,600 on the hourly chart of the BTC/USDT pair. It is now trading near the $29,000 level and below the 100 hourly simple moving average. An immediate resistance on the upside is near the $29,250 level. The next major resistance is near the $29,600 level and the 100 hourly simple moving average.
The main resistance sits near the $29,750. A clear move above the $29,750 resistance level might start a strong increase. In the stated case, the price may perhaps rise towards the $30,600 resistance zone. If bitcoin fails to clear the $29,600 resistance zone, it could continue to move down. An immediate support on the downside is near the $28,650 level.
The first major support is near the $28,500 level. A downside break below the $28,500 support might send the price further lower. In the stated case, the price may perhaps revisit the $27,500 support zone.
Technical indicators:
Hourly MACD – The MACD is now slowing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is now below the 50 level.
Major Support Levels – $28,500, followed by $27,500.
Major Resistance Levels – $29,600, $29,750 and $30,600.
DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.
The bears pushed the price below the $28,000 level. The price even tested the $27,500 support and a low is formed near $27,505. However, there was a strong recovery and the price climbed above $28,500. The bulls pushed the price above $29,000 and struggled near $29,000.
There is also a major bearish trend line forming with resistance near $29,600 on the hourly chart of the BTC/USDT pair. It is now trading near the $29,000 level and below the 100 hourly simple moving average. An immediate resistance on the upside is near the $29,250 level. The next major resistance is near the $29,600 level and the 100 hourly simple moving average.
The main resistance sits near the $29,750. A clear move above the $29,750 resistance level might start a strong increase. In the stated case, the price may perhaps rise towards the $30,600 resistance zone. If bitcoin fails to clear the $29,600 resistance zone, it could continue to move down. An immediate support on the downside is near the $28,650 level.
The first major support is near the $28,500 level. A downside break below the $28,500 support might send the price further lower. In the stated case, the price may perhaps revisit the $27,500 support zone.
Technical indicators:
Hourly MACD – The MACD is now slowing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is now below the 50 level.
Major Support Levels – $28,500, followed by $27,500.
Major Resistance Levels – $29,600, $29,750 and $30,600.
DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.
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