Bitcoin price failed to clear the $30,000 resistance. BTC is falling and remains at risk of a move towards the $27,200 support zone.
- Bitcoin is moving lower from the $29,750 resistance zone.
- The price is trading below $28,800 and the 100 hourly simple moving average.
- A key bearish trendline is forming with resistance near $28,650 on the hourly chart of the BTC/USD pair (data source from Kraken).
- The pair could continue to move lower if there is a move below the $28,000 support.
Bitcoin Price Extends Losses
The Bitcoin price was trying to clear $30,000 resistance zone. BTC faced a strong rejection near $29,750 and started a new decline. There was a clear move below the $29,200 and $29,000 levels.
It was trading near the $28,000 support. A low is forming near $28,100 and the price is now consolidating losses. It is now trading below $28,800 and the 100 hourly simple moving average. A key bearish trend line is also forming on the hourly chart of the BTC/USD pair with resistance near $28,650.
Bitcoin faces resistance near the $28,600 level. It is near the 50% Fib retracement level of the recent decline from the $29,128 swing high to the $28,100 low.
Another major resistance is near the trendline zone or the 61.8% Fib retracement level of the recent decline from the $29,128 swing high to the $28,100 low, above which the price could rise towards the $29,000 resistance zone or 100 hours Simple moving average.
Source: BTCUSD on TradingView.com
Any further gains could open the door for a decent rally towards the $29,750 resistance. In this case, the price can rise up to the level of 30,000 USD.
More losses in BTC?
If the Bitcoin price fails to clear the $28,650 resistance, it may continue to move lower. Immediate downside support is near the $28,000 level and the recent low.
Another major support is near the $27,650 zone, below which the price may drop towards the $27,200 support zone. Any further losses could push Bitcoin towards the $26,500 level in the near term.
Technical indicators:
Hourly MACD – The MACD is now picking up momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – RSI for BTC/USD is now below the 50 level.
Major support levels – $28,000, followed by $27,650.
Major resistance levels – $28,650, $29,000 and $29,750.
