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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Bitcoin Price Is Showing Early Signs of Fresh Drop, $27,200 Is The Key

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Bitcoin price is struggling to rise above the $27,800 resistance zone. BTC could extend its decline if there is a clear move below the $27,200 support zone.

  • Bitcoin is struggling to start a fresh increase above the $27,800 resistance zone.
  • The price is trading below $27,700 and the 100 hourly Simple moving average.
  • There was a break below a key rising channel with support near $27,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start another decline if there is a close below the $27,200 support.

Bitcoin Price Faces Uphill Task

Bitcoin price attempted a fresh increase from the $27,200 support zone after a downside correction. BTC managed to recover above the $27,500 resistance zone.

The price climbed above the 50% Fib retracement level of the downward move from the $28,565 swing high to the $27,189 low. However, the bears remained active near the $28,000 resistance zone. The price struggled to settle above the $27,850 level.

Bitcoin got rejected near the 61.8% Fib retracement level of the downward move from the $28,565 swing high to the $27,189 low. It saw a fresh decline below $27,500.

Besides, there was a break below a key rising channel with support near $27,650 on the hourly chart of the BTC/USD pair. The bulls are now protecting the $27,200 support zone. It is trading below $27,700 and the 100 hourly Simple moving average.

Bitcoin Price

Source: BTCUSD on TradingView.com

Immediate resistance on the upside is near the $27,650 level. The next key resistance could be near the $28,000 level. A close above the $28,000 resistance could start another increase. In the stated case, the price could rise toward the $28,500 resistance. Any more gains might call for a move toward the $29,200 level.

More Losses In BTC?

If Bitcoin fails to continue higher above the $27,800 resistance, there could be more losses. Immediate support on the downside is near the $27,400 level.

The next major support is near the $27,200 level. A downside break and close below the $27,200 level might push the price further lower toward $26,800 in the near term. The next support sits at $26,200.

Technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.

Major Support Levels – $27,400, followed by $27,200.

Major Resistance Levels – $27,800, $28,000, and $28,500.

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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

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