Bitcoin Price Faces Another Rejection, Risk of Renewed Downtrend Increases


Bitcoin worth did not clear the $30,000 resistance. BTC is declining and stays vulnerable to a transfer towards the $27,200 assist zone.

  • Bitcoin is shifting decrease from the $29,750 resistance zone.
  • The value is buying and selling beneath $28,800 and the 100 hourly Easy shifting common.
  • There’s a key bearish development line forming with resistance close to $28,650 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair might proceed to maneuver down if there’s a transfer beneath the $28,000 assist.

Bitcoin Value Extends Losses

Bitcoin worth struggled to clear the $30,000 resistance zone. BTC confronted a powerful rejection close to $29,750 and began a recent decline. There was a transparent transfer beneath the $29,200 and $29,000 ranges.

It traded near the $28,000 assist. A low is shaped close to $28,100 and the value is now consolidating losses. It’s now buying and selling beneath $28,800 and the 100 hourly Easy shifting common. There may be additionally a key bearish development line forming with resistance close to $28,650 on the hourly chart of the BTC/USD pair.

Bitcoin is going through resistance close to the $28,600 degree. It’s near the 50% Fib retracement degree of the current decline from the $29,128 swing excessive to the $28,100 low.

The subsequent main resistance is close to the development line zone or the 61.8% Fib retracement degree of the current decline from the $29,128 swing excessive to the $28,100 low, above which the value may rise towards the $29,000 resistance zone or the 100 hourly Simple moving average.

Bitcoin Price

Supply: BTCUSD on TradingView.com

Any extra good points might open the doorways for a good rally towards the $29,750 resistance. Within the acknowledged case, the value might maybe rise towards the $30,000 degree.

Extra Losses in BTC?

If Bitcoin’s worth fails to clear the $28,650 resistance, it might proceed to maneuver down. Instant assist on the draw back is close to the $28,000 degree and the current low.

The subsequent main assist is close to the $27,650 zone, beneath which the value may drop towards the $27,200 assist zone. Any extra losses may take Bitcoin towards the $26,500 degree within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bearish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now beneath the 50 degree.

Main Help Ranges – $28,000, adopted by $27,650.

Main Resistance Ranges – $28,650, $29,000, and $29,750.



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