Bitcoin price started a fresh decline below the ,500 level against the US Dollar. The price is now trading below ,000 and the 55 simple moving average (4 hours). There is a key bearish trend line forming with resistance near ,050 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase). The pair could extend its decline toward the ,500 and ,000 levels. Bitcoin price is declining below ,000 against the US Dollar. BTC might extend losses if it stays below the ,400 resistance zone. Bitcoin Price Analysis Bitcoin price started a fresh decline below the ,500 zone. There was a steady decline below the ,000 and ,500 levels to enter a bearish zone. The bears even pushed the price below the ,400 and ,000 support levels.
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- Bitcoin price started a fresh decline below the $28,500 level against the US Dollar.
- The price is now trading below $28,000 and the 55 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near $26,050 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
- The pair could extend its decline toward the $24,500 and $24,000 levels.
Bitcoin price is declining below $28,000 against the US Dollar. BTC might extend losses if it stays below the $26,400 resistance zone.
Bitcoin Price Analysis
Bitcoin price started a fresh decline below the $28,500 zone. There was a steady decline below the $28,000 and $27,500 levels to enter a bearish zone.
The bears even pushed the price below the $26,400 and $26,000 support levels. Finally, the price tested the $25,250 zone. A low is formed near $25,234 and the price is now consolidating losses. It is trading below $28,000 and the 55 simple moving average (4 hours).
There is also a key bearish trend line forming with resistance near $26,050 on the 4-hour chart of the BTC/USD pair. Immediate resistance on the upside is near the $26,000 level and the trend line.
The next major resistance might be near the $26,400 zone or the 23.6% Fib retracement level of the downward move from the $30,222 swing high to the $25,234 low. A clear move above the $26,400 level might send the price toward $27,000 or the 55 simple moving average (4 hours).
The main resistance is now forming near the $27,750 zone or the 50% Fib retracement level of the downward move from the $30,222 swing high to the $25,234 low, above which the price might rise toward the $28,500 level. Any more gains might push the price toward the $30,200 zone.
If there is no upside break, the price might decline below the $25,600 level. The first major support is near $25,250. The next key support is near the $25,000 level, below which the price might accelerate lower. In the stated case, the price could decline toward the $24,000 level.
Looking at the chart, Bitcoin price is clearly trading below $28,000 and the 55 simple moving average (4 hours). Overall, the price could extend its decline toward the $24,500 and $24,000 levels.
Technical Indicators
4 hours MACD – The MACD is now losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now below the 50 level.
Key Support Levels – $25,250 and $25,000.
Key Resistance Levels – $26,400, $27,750, and $28,500.