{"id":23669,"date":"2023-05-10T02:52:47","date_gmt":"2023-05-10T06:52:47","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=23669"},"modified":"2023-05-10T02:52:47","modified_gmt":"2023-05-10T06:52:47","slug":"bitcoin-price-consolidates-losses-this-resistance-might-trigger-another-drop","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/05\/10\/bitcoin-price-consolidates-losses-this-resistance-might-trigger-another-drop\/","title":{"rendered":"Bitcoin Price Consolidates Losses, This Resistance Might Trigger Another Drop"},"content":{"rendered":"

Bitcoin price is consolidating losses below $28,200. BTC could start another decline unless there is a clear move above the $28,500 resistance.<\/em><\/p>\n

Bitcoin is consolidating losses and trading above the $27,000 support.
\nThe price is trading below $28,200 and the 100 hourly Simple moving average.
\nThere is a key bearish trend line forming with resistance near $28,040 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move down if stays below $28,200 and $28,500.<\/p>\n

Bitcoin Price Stable Above $27K<\/h2>\n

Bitcoin price remained in a bearish zone<\/a> below the $28,200 support zone. BTC tested the $27,200 support zone and now seems to be consolidating above the $27,400 level.<\/p>\n

A low is formed near $27,282 and the price is now slowly moving higher. It is consolidating near the 23.6% Fib retracement level of the swing move from the $29,129 high to the $27,282 low. However, it is still trading below $28,200 and the 100 hourly Simple moving average<\/a>.<\/p>\n

Bitcoin price is now facing resistance near the $28,000 zone. Besides, there is a key bearish trend line forming with resistance near $28,040 on the hourly chart of the BTC\/USD pair.<\/p>\n

The next major resistance is near the $28,200 level or the 50% Fib retracement level of the swing move from the $29,129 high to the $27,282 low. The main resistance is now forming near the $28,500 level and the 100 hourly Simple moving average.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

A close above the $28,500 resistance might spark a decent increase. The next key resistance is near $29,125, above which the price might climb toward the $29,500 resistance. Any more gains could open the doors for a decent move toward the $30,000 resistance.<\/p>\n

More Losses in BTC?<\/h2>\n

If Bitcoin\u2019s price fails to clear the $28,200 resistance, it could continue to move down. Immediate support on the downside is near the $27,250 level.<\/p>\n

The next major support is near the $27,000 zone, below which the price might accelerate losses and drop to the $26,000 support zone. Any more losses might take Bitcoin toward the $25,500 level in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing pace in the bearish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n

Major Support Levels \u2013 $27,250, followed by $27,000.<\/p>\n

Major Resistance Levels \u2013 $28,050, $28,200, and $28,500.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is consolidating losses below $28,200. BTC could start another decline unless there is a clear move above the $28,500 resistance.<\/em><\/p>\n

Bitcoin is consolidating losses and trading above the $27,000 support.
\nThe price is trading below $28,200 and the 100 hourly Simple moving average.
\nThere is a key bearish trend line forming with resistance near $28,040 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move down if stays below $28,200 and $28,500.<\/p>\n

Bitcoin Price Stable Above $27K<\/h2>\n

Bitcoin price remained in a bearish zone<\/a> below the $28,200 support zone. BTC tested the $27,200 support zone and now seems to be consolidating above the $27,400 level.<\/p>\n

A low is formed near $27,282 and the price is now slowly moving higher. It is consolidating near the 23.6% Fib retracement level of the swing move from the $29,129 high to the $27,282 low. However, it is still trading below $28,200 and the 100 hourly Simple moving average<\/a>.<\/p>\n

Bitcoin price is now facing resistance near the $28,000 zone. Besides, there is a key bearish trend line forming with resistance near $28,040 on the hourly chart of the BTC\/USD pair.<\/p>\n

The next major resistance is near the $28,200 level or the 50% Fib retracement level of the swing move from the $29,129 high to the $27,282 low. The main resistance is now forming near the $28,500 level and the 100 hourly Simple moving average.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

A close above the $28,500 resistance might spark a decent increase. The next key resistance is near $29,125, above which the price might climb toward the $29,500 resistance. Any more gains could open the doors for a decent move toward the $30,000 resistance.<\/p>\n

More Losses in BTC?<\/h2>\n

If Bitcoin\u2019s price fails to clear the $28,200 resistance, it could continue to move down. Immediate support on the downside is near the $27,250 level.<\/p>\n

The next major support is near the $27,000 zone, below which the price might accelerate losses and drop to the $26,000 support zone. Any more losses might take Bitcoin toward the $25,500 level in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing pace in the bearish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n

Major Support Levels \u2013 $27,250, followed by $27,000.<\/p>\n

Major Resistance Levels \u2013 $28,050, $28,200, and $28,500.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-23669","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\/23669","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=23669"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/23669\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=23669"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=23669"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=23669"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}