Bitcoin Price Continues Slide As Crypto Market Sentiment Takes Hit

Aayush Jindal

1 year ago

2 mins read

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Bitcoin price extended its decline below the $28,000 support. BTC tested $27,650 and is currently attempting a minor upside correction.

Bitcoin is showing bearish signs below the $28,500 resistance zone.
The price is trading below $28,200 and the 100 hourly Simple moving average.
There is a major 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 correct higher but upsides might be limited above the $28,500 level.

Bitcoin Price Extends Decline

Bitcoin price failed to start a recovery wave above the $29,000 resistance zone. BTC extended its decline and traded below the $28,200 support zone.

The price even broke the $28,000 level and tested $27,650. A low is formed near $27,664 and the price is now consolidating losses. It is trading near the $28,000 resistance zone. There is also a major bearish trend line forming with resistance near $28,000 on the hourly chart of the BTC/USD pair.

Besides, Bitcoin is trading below $28,200 and the 100 hourly Simple moving average. Immediate resistance is near the $28,050 level. The next major resistance sits near the $28,200 zone and the 23.6% Fib retracement level of the downward move from the $29,975 swing high to the $27,664 low.

The first major resistance is near $28,500, above which the price may perhaps test the 50% Fib retracement level of the downward move from the $29,975 swing high to the $27,664 low.

Source: BTCUSD on TradingView.com

The main resistance is near $29,000 and the 100 hourly Simple moving average. A close above the $29,000 resistance could send Bitcoin toward $29,500. Any more gains could open the doors for a test of the key barrier at $30,000.

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 $27,650 level.

The next major support is near the $27,200 zone, below which the price might dive toward the $26,500 support zone. Any more losses might take Bitcoin toward $25,500 in the near term.

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 40 level.

Major Support Levels – $27,650, followed by $27,200.

Major Resistance Levels – $28,200, $28,500, and $28,800.

Aayush Jindal

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