Earn Your First Bitcoin Sign up and get Bonus Referral bonus up to ,000 Sign up Bitcoin price started a fresh decline below the ,000 pivot level against the US Dollar. The price is now trading below ,500 and the 55 simple moving average (4 hours). There was a break below a key bullish trend line with support at ,400 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase). The pair could extend its decline toward the ,000 and ,200 levels. Bitcoin price is declining below ,500 against the US Dollar. BTC might extend losses if it stays below the ,500 resistance zone. Bitcoin Price Analysis Bitcoin price started a fresh decline below the ,000 zone. A high
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Sign up- Bitcoin price started a fresh decline below the $29,000 pivot level against the US Dollar.
- The price is now trading below $28,500 and the 55 simple moving average (4 hours).
- There was a break below a key bullish trend line with support at $28,400 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 $26,200 levels.
Bitcoin price is declining below $28,500 against the US Dollar. BTC might extend losses if it stays below the $28,500 resistance zone.
Bitcoin Price Analysis
Bitcoin price started a fresh decline below the $29,000 zone. A high was formed near $29,850 before the price started a steady decline. There was a clear move below the $29,000 and $28,500 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 $27,279 and is currently correcting losses. There was a correction toward the 23.6% Fib retracement level of the downward wave from the $29,850 swing high to the $27,279 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 $27,900 level. The next major resistance might be near the $28,150 zone.
A clear move above the $28,150 level might send the price toward $28,500 or the 50% Fib retracement level of the downward wave from the $29,850 swing high to the $27,279 low, above which the price might rise toward the $29,200 level. Any more gains might push the price toward the $30,000 zone.
If there is no upside break, the price might decline below the $27,250 level. The first major support is near $27,000. The next key support is near the $26,200 level, below which the price might accelerate lower. In the stated case, the price could decline toward the $25,500 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 $28,500 and the 55 simple moving average (4 hours). Overall, the price could extend its decline toward the $27,000 and $26,200 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 – $27,250 and $27,000.
Key Resistance Levels – $28,000, $28,500, and $29,200.