Bitcoin price started a fresh decline from the ,000 zone against the US Dollar. The price is now trading below ,500 and the 55 simple moving average (4 hours). There is a major bearish trend line forming with resistance near ,200 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase). The pair could extend its decline toward the ,000 and ,000 levels. Bitcoin price is declining below ,500 against the US Dollar. BTC might extend losses if it stays below the ,000 resistance zone. Bitcoin Price Analysis Bitcoin price started a fresh decline from the ,000 resistance zone. A high was formed near ,969 before the price started a steady decline. There was a clear move below the ,500 and ,200 support levels. The bears even pushed the
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- Bitcoin price started a fresh decline from the $30,000 zone against the US Dollar.
- The price is now trading below $29,500 and the 55 simple moving average (4 hours).
- There is a major bearish trend line forming with resistance near $29,200 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
- The pair could extend its decline toward the $27,000 and $26,000 levels.
Bitcoin price is declining below $29,500 against the US Dollar. BTC might extend losses if it stays below the $30,000 resistance zone.
Bitcoin Price Analysis
Bitcoin price started a fresh decline from the $30,000 resistance zone. A high was formed near $29,969 before the price started a steady decline. There was a clear move below the $29,500 and $29,200 support levels.
The bears even pushed the price below the $28,000 support zone and the 55 simple moving average (4 hours). The price traded as low as $27,664 and is currently correcting losses. There was a correction above the 23.6% Fib retracement level of the downward move from the $29,969 swing high to the $27,664 low.
However, it is still trading below $29,500 and the 55 simple moving average (4 hours). Immediate resistance on the upside is near the $28,820 level. It is near the 50% Fib retracement level of the downward move from the $29,969 swing high to the $27,664 low.
There is also a key bearish trend line forming with resistance near $29,200 on the 4-hour chart of the BTC/USD pair. The next major resistance might be near the $29,500 zone.
A clear move above the $29,500 level might send the price toward $30,000, above which the price might rise toward the $32,000 level. Any more gains might push the price toward the $32,500 zone.
If there is no upside break, the price might decline below the $28,000 level. The first major support is near $27,650. The next key support is near the $27,000 level, below which the price might accelerate lower. In the stated case, the price could decline toward the $26,000 level. Any more losses might send the price toward the $25,000 level.
Bitcoin Price
Looking at the chart, Bitcoin price is clearly trading below $29,000 and the 55 simple moving average (4 hours). Overall, the price could extend its decline toward the $27,000 and $26,000 levels.
Technical Indicators
4 hours MACD – The MACD is now gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now below the 50 level.
Key Support Levels – $27,660 and $27,000.
Key Resistance Levels – $28,820, $29,200, and $30,000.