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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Bitcoin Bears Gain Strength – Is This Renewed Downtrend or Just Correction?

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Created by industry experts and meticulously reviewed
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Bitcoin price is moving lower below $28,000. BTC is approaching the $27,000 support, below which there is a risk of an extended decline to $25,500.

  • Bitcoin is moving lower and trading below the $28,200 pivot level.
  • The price is trading below $28,000 and the 100 hourly Simple moving average.
  • There is a major bearish trend line forming with resistance near $28,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to move down if there is a move below the $27,000 support.

Bitcoin Price Turns Red

Bitcoin price started a steady decline after it broke the $28,800 support zone. BTC gained bearish momentum below the $28,200 and $28,000 levels.

The bears seem to be gaining strength and they were able to push the price toward the $27,200 support. A low is formed near $27,282 and the price is now consolidating losses. It is trading below $28,000 and the 100 hourly Simple moving average.

There is also a major bearish trend line forming with resistance near $28,150 on the hourly chart of the BTC/USD pair. Bitcoin is now facing resistance near the $27,750 level. It is close to the 23.6% Fib retracement level of the downward move from the $29,128 swing high to the $27,282 low.

The next major resistance is near the trend line zone or the 50% Fib retracement level of the downward move from the $29,128 swing high to the $27,282 low. A close above the trend line resistance might send the price toward the $28,800 resistance.

Bitcoin Price

Source: BTCUSD on TradingView.com

The next key resistance is near $29,120, above which the price might rise toward the $29,500 resistance zone. Any more gains could open the doors for a decent increase toward the $29,750 resistance.

More Losses in BTC?

If Bitcoin’s price fails to clear the $28,150 resistance, it could continue to move down. Immediate support on the downside is near the $27,250 level and the recent low.

The next major support is near the $27,000 zone, below which the price might drop toward the $26,000 support zone. Any more losses might take Bitcoin toward the $25,500 level 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 50 level.

Major Support Levels – $27,250, followed by $27,000.

Major Resistance Levels – $28,000, $28,150, and $28,800.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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