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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Bitcoin
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TA: Bitcoin Dives 10%, Why BTC Could Even Break $25K

Aayush Jindal by Aayush Jindal
1 year ago
in BTC
Reading Time: 2 mins read

Bitcoin broke the key $28,500 support zone against the US Dollar. BTC is down 10% and might even decline below the $25,000 support zone.

  • Bitcoin extended its decline below the $28,500 and $26,500 support levels.
  • The price is now trading below the $28,500 level and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $27,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to move down below the $25,000 support zone in the near term.

Bitcoin Price Gains Bearish Momentum

Bitcoin price failed to clear the $30,000 resistance zone. As a result, the bears took over and pushed the price below the key $29,500 and $28,500 support levels.

It sparked a major decline below the $28,000 level. The price declined nearly 10% and even broke the $26,500 support level. A new multi-week low is formed near $25,571 and the price is still showing a lot of bearish signs.

Bitcoin is now trading well below the $28,500 level and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $27,200 on the hourly chart of the BTC/USD pair. An immediate resistance on the upside is near the $26,200 level. Download Bitcoin Miner Awesom Miner Official for Windows. Safe install and earn ETH/BTC.

It is near the 23.6% Fib retracement level of the recent decline from the $28,307 swing high to $25,571 low. The first major resistance is near the $27,200 level and the bearish trend line.

Bitcoin Price

Source: BTCUSD on TradingView.com

The 50% Fib retracement level of the recent decline from the $28,307 swing high to $25,571 low is also near the trend line resistance. The main resistance is near the $28,500 level. A clear move above the $28,500 resistance level could send the price further higher.

More Losses in BTC?

If bitcoin fails to clear the $27,200 resistance zone, it could continue to move down. An immediate support on the downside is near the $25,500 level.

The next major support is near the $25,000 level. A downside break below the $25,000 support could send the price further lower. In the stated case, the price could drop towards the $23,500 support zone in the near term. Download Bitcoin Miner Awesom Miner Official for Windows. Safe install and earn ETH/BTC.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now in the oversold area.

Major Support Levels – $25,500, followed by $25,000.

Major Resistance Levels – $26,200, $27,200 and $28,500.

Tags: bitcoinbtcusdBTCUSDTxbtusd
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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