Bitcoin Price Consolidates Losses, This Resistance Might Trigger Another Drop
Bitcoin price has been consolidating losses below $28,200. BTC could potentially start another decline unless there is a clear move above the $28,500 resistance.
– Bitcoin is consolidating losses and trading above the $27,000 support.
– The price is trading below $28,200 and the 100 hourly Simple moving average.
– There is a key bearish trend line forming with resistance near $28,040 on the hourly chart of the BTC/USD pair (data feed from Kraken).
– The pair could continue to move down if it stays below $28,200 and $28,500.
Bitcoin Price Stable Above $27K
Bitcoin price has remained in a bearish zone below the $28,200 support zone. BTC tested the $27,200 support zone and now seems to be consolidating above the $27,400 level. A low is formed near $27,282 and the price is now slowly moving higher. It is consolidating near the 23.6% Fibonacci retracement level of the swing move from the $29,129 high to the $27,282 low. However, it is still trading below $28,200 and the 100 hourly Simple moving average.
Bitcoin price is now facing resistance near the $28,000 zone. Besides, there is a key bearish trend line forming with resistance near $28,040 on the hourly chart of the BTC/USD pair. The next major resistance is near the $28,200 level or the 50% Fibonacci retracement level of the swing move from the $29,129 high to the $27,282 low. The main resistance is now forming near the $28,500 level and the 100 hourly Simple moving average.
A close above the $28,500 resistance might spark a decent increase. The next key resistance is near $29,125, above which the price might climb toward the $29,500 resistance. Any more gains could open the doors for a significant move toward the $30,000 resistance.
More Losses in BTC?
If Bitcoin’s price fails to clear the $28,200 resistance, it could continue to move down. Immediate support on the downside is near the $27,250 level. The next major support is near the $27,000 zone, below which the price might accelerate losses and drop to the $26,000 support zone. Any further losses might take Bitcoin toward the $25,500 level in the near term.
Technical indicators:
– Hourly MACD (Moving Average Convergence Divergence) – The MACD is now losing pace in the bearish zone.
– Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
– Major Support Levels – $27,250, followed by $27,000.
– Major Resistance Levels – $28,050, $28,200, and $28,500.
As Bitcoin’s price consolidates its losses, the key resistance level that might trigger another drop is $28,500. The cryptocurrency is currently trading above the $27,000 support, but it’s also trading below the 100 hourly Simple moving average. With a bearish trend line forming around $28,040 resistance on the hourly chart and the price moving down, there’s potential for more losses if the currency doesn’t break the resistance line.
In summary, Bitcoin’s price remains in a bearish zone, and if it fails to clear the $28,200 resistance, it could continue moving downward. The main resistance is at the $28,500 level, and if the price breaks through that level, it could spark a significant upward movement. Ultimately, it remains to be seen whether Bitcoin will continue consolidating its losses, or if the resistance line will trigger another drop in the near future.
Investing in cryptocurrencies or tokens is highly speculative, and the market is largely unregulated. Anyone considering such an investment should be prepared to lose their entire investment. If you are a trader, it’s essential to keep an eye on technical indicators, support and resistance levels, and current market conditions to assess the likelihood of future market movements.
In conclusion, Bitcoin’s price remains uncertain as it consolidates losses below $28,200. The cryptocurrency could potentially experience another significant drop if a clear move above the $28,500 resistance does not occur. With Bitcoin currently hovering above the $27,000 support level and a key bearish trend line forming around $28,040 resistance on the hourly chart, there is potential for more losses if the currency does not break the resistance line. Traders should continue to monitor Bitcoin’s price as it fluctuates within this tight range, and be cautious of potential downward movement in the near future.
