Bitcoin broke the key $28,500 support zone against the US Dollar. BTC is down 10% and might even decline below the $25,000 support zone.<\/p>\n
Bitcoin extended its decline below the $28,500 and $26,500 support levels.
\nThe price is now trading below the $28,500 level and the 100 hourly simple moving average.
\nThere is a key bearish trend line forming with resistance near $27,200 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move down below the $25,000 support zone in the near term.<\/p>\n
Bitcoin Price Gains Bearish Momentum<\/p>\n
Bitcoin price failed to clear the $30,000 resistance zone. As a result, the bears took over and pushed the price below the key $29,500 and $28,500 support levels.<\/p>\n
It sparked a major decline below the $28,000 level. The price declined nearly 10% and even broke the $26,500 support level. A new multi-week low is formed near $25,571 and the price is still showing a lot of bearish signs.<\/p>\n
Bitcoin is now trading well below the $28,500 level and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $27,200 on the hourly chart of the BTC\/USD pair. An immediate resistance on the upside is near the $26,200 level.<\/p>\n
It is near the 23.6% Fib retracement level of the recent decline from the $28,307 swing high to $25,571 low. The first major resistance is near the $27,200 level and the bearish trend line.<\/p>\n\n
Source: BTCUSD on TradingView.com<\/p>\n
The 50% Fib retracement level of the recent decline from the $28,307 swing high to $25,571 low is also near the trend line resistance. The main resistance is near the $28,500 level. A clear move above the $28,500 resistance level could send the price further higher.<\/p>\n
More Losses in BTC?<\/p>\n
If bitcoin fails to clear the $27,200 resistance zone, it could continue to move down. An immediate support on the downside is near the $25,500 level.<\/p>\n
The next major support is near the $25,000 level. A downside break below the $25,000 support could send the price further lower. In the stated case, the price could drop towards the $23,500 support zone in the near term.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now in the oversold area.<\/p>\n
Major Support Levels \u2013 $25,500, followed by $25,000.<\/p>\n
Major Resistance Levels \u2013 $26,200, $27,200 and $28,500.<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Bitcoin broke the key $28,500 support zone against the US Dollar. BTC is down 10% and might even decline below the $25,000 support zone.<\/p>\n
Bitcoin extended its decline below the $28,500 and $26,500 support levels.
\nThe price is now trading below the $28,500 level and the 100 hourly simple moving average.
\nThere is a key bearish trend line forming with resistance near $27,200 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move down below the $25,000 support zone in the near term.<\/p>\n
Bitcoin Price Gains Bearish Momentum<\/p>\n
Bitcoin price failed to clear the $30,000 resistance zone. As a result, the bears took over and pushed the price below the key $29,500 and $28,500 support levels.<\/p>\n
It sparked a major decline below the $28,000 level. The price declined nearly 10% and even broke the $26,500 support level. A new multi-week low is formed near $25,571 and the price is still showing a lot of bearish signs.<\/p>\n
Bitcoin is now trading well below the $28,500 level and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $27,200 on the hourly chart of the BTC\/USD pair. An immediate resistance on the upside is near the $26,200 level.<\/p>\n
It is near the 23.6% Fib retracement level of the recent decline from the $28,307 swing high to $25,571 low. The first major resistance is near the $27,200 level and the bearish trend line.<\/p>\n
Source: BTCUSD on TradingView.com<\/p>\n
The 50% Fib retracement level of the recent decline from the $28,307 swing high to $25,571 low is also near the trend line resistance. The main resistance is near the $28,500 level. A clear move above the $28,500 resistance level could send the price further higher.<\/p>\n
More Losses in BTC?<\/p>\n
If bitcoin fails to clear the $27,200 resistance zone, it could continue to move down. An immediate support on the downside is near the $25,500 level.<\/p>\n
The next major support is near the $25,000 level. A downside break below the $25,000 support could send the price further lower. In the stated case, the price could drop towards the $23,500 support zone in the near term.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now in the oversold area.<\/p>\n
Major Support Levels \u2013 $25,500, followed by $25,000.<\/p>\n
Major Resistance Levels \u2013 $26,200, $27,200 and $28,500.<\/p>\n
<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-1046","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/1046","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=1046"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/1046\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=1046"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=1046"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=1046"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}