{"id":28329,"date":"2023-08-17T03:52:35","date_gmt":"2023-08-17T07:52:35","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=28329"},"modified":"2023-08-17T03:52:35","modified_gmt":"2023-08-17T07:52:35","slug":"bitcoin-price-plunges-again-and-now-vulnerable-to-more-losses","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/08\/17\/bitcoin-price-plunges-again-and-now-vulnerable-to-more-losses\/","title":{"rendered":"Bitcoin Price Plunges Again And Now Vulnerable To More Losses"},"content":{"rendered":"

Bitcoin price gained bearish momentum below the $29,000 support. BTC tested $28,400 and now at risk of more losses below $28,200.<\/em><\/p>\n

Bitcoin is trading with a bearish angle below the $29,250 resistance zone.
\nThe price is trading below $29,000 and the 100 hourly Simple moving average.
\nThere is a major bearish trend line forming with resistance near $28,850 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move down and trade below the $28,200 support.<\/p>\n

Bitcoin Price Takes Hit<\/h2>\n

Bitcoin price remained in a bearish zone below the $29,250 resistance zone<\/a>. BTC started another decline and traded below the key $29,000 support zone.<\/p>\n

It opened the doors for a sharp decline and the price dropped below $28,500. A low is formed near $28,350 and the price is now consolidating losses. It is trading near 23.6% Fib retracement level of the recent drop from the $29,182 swing high to the $28,350 low.<\/p>\n

Bitcoin is now trading below $29,000 and the 100 hourly Simple moving average<\/a>. There is also a major bearish trend line forming with resistance near $28,850 on the hourly chart of the BTC\/USD pair.<\/p>\n

Immediate resistance is near the $28,750 level. The next major resistance is near $28,850 and the trend line. It is close to the 61.8% Fib retracement level of the recent drop from the $29,182 swing high to the $28,350 low. The main resistance is now forming near the $29,000 zone and the 100 hourly Simple moving average.<\/p>\n\n

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

A close above the $29,000 resistance could start a decent increase toward the $29,500 resistance zone. Any more gains might set the pace for a larger increase toward $30,000.<\/p>\n

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

If Bitcoin fails to clear the $28,850 resistance, it could continue to move down. Immediate support on the downside is near the $28,400 zone.<\/p>\n

The next major support is near the $28,200 level. A downside break below the $28,200 level might push the price further into a bearish zone. In the stated case, the price could drop toward $27,500.<\/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 below the 50 level.<\/p>\n

Major Support Levels \u2013 $28,400, followed by $28,200.<\/p>\n

Major Resistance Levels \u2013 $28,750, $28,850, and $29,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price gained bearish momentum below the $29,000 support. BTC tested $28,400 and now at risk of more losses below $28,200.<\/em><\/p>\n

Bitcoin is trading with a bearish angle below the $29,250 resistance zone.
\nThe price is trading below $29,000 and the 100 hourly Simple moving average.
\nThere is a major bearish trend line forming with resistance near $28,850 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move down and trade below the $28,200 support.<\/p>\n

Bitcoin Price Takes Hit<\/h2>\n

Bitcoin price remained in a bearish zone below the $29,250 resistance zone<\/a>. BTC started another decline and traded below the key $29,000 support zone.<\/p>\n

It opened the doors for a sharp decline and the price dropped below $28,500. A low is formed near $28,350 and the price is now consolidating losses. It is trading near 23.6% Fib retracement level of the recent drop from the $29,182 swing high to the $28,350 low.<\/p>\n

Bitcoin is now trading below $29,000 and the 100 hourly Simple moving average<\/a>. There is also a major bearish trend line forming with resistance near $28,850 on the hourly chart of the BTC\/USD pair.<\/p>\n

Immediate resistance is near the $28,750 level. The next major resistance is near $28,850 and the trend line. It is close to the 61.8% Fib retracement level of the recent drop from the $29,182 swing high to the $28,350 low. The main resistance is now forming near the $29,000 zone and the 100 hourly Simple moving average.<\/p>\n

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

A close above the $29,000 resistance could start a decent increase toward the $29,500 resistance zone. Any more gains might set the pace for a larger increase toward $30,000.<\/p>\n

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

If Bitcoin fails to clear the $28,850 resistance, it could continue to move down. Immediate support on the downside is near the $28,400 zone.<\/p>\n

The next major support is near the $28,200 level. A downside break below the $28,200 level might push the price further into a bearish zone. In the stated case, the price could drop toward $27,500.<\/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 below the 50 level.<\/p>\n

Major Support Levels \u2013 $28,400, followed by $28,200.<\/p>\n

Major Resistance Levels \u2013 $28,750, $28,850, and $29,000.<\/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-28329","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\/28329","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=28329"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/28329\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=28329"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=28329"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=28329"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}