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Bitcoin price started a consolidation phase below the $28,800 resistance. BTC is struggling and might face heavy selling interest above $28,500 and $28,800.
- Bitcoin is slowly moving lower and trading well below the $28,800 resistance zone.
- 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 $28,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh increase if it clears the $28,250 resistance level.
Bitcoin Price Faces Resistance
Bitcoin price remained in a small range below the $28,800 resistance zone. BTC struggled to recover above the $28,400 resistance and extended its decline.
There was a downside extension below the $27,800 level. The price traded as low as $27,700 before it started a consolidation phase. There was a minor increase above the 23.6% Fib retracement level of the downward move from the $28,792 swing high to the $27,700 low.
Bitcoin price is now trading below $28,200 and the 100 hourly Simple moving average. There is also a key bearish trend line forming with resistance near $28,000 on the hourly chart of the BTC/USD pair.
Immediate resistance is near the trend line and $28,050. The next major resistance is near the $28,250 zone. It is near the 50% Fib retracement level of the downward move from the $28,792 swing high to the $27,700 low.
Source: BTCUSD on TradingView.com
A close above the $28,250 resistance might push the price higher toward the range resistance. The next key resistance is near the $28,500 level, above which the price could rise toward the $28,800 level. Any more gains might call for a test of the $30,000 resistance zone.
More Losses in BTC?
If Bitcoin’s price fails to clear the $28,250 resistance, it could start another decline. Immediate support on the downside is near the $27,700 zone.
The next major support is near the $27,550 zone. A downside break and close below the $27,550 support might start a sharp decline. In the stated case, the price may perhaps decline toward the $26,500 support zone.
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 below the 50 level.
Major Support Levels – $27,700, followed by $27,550.
Major Resistance Levels – $28,250, $28,500, and $28,800.
