Bitcoin price drops below $28,000 level. BTC is at risk of a short-term break towards the $25,000 support.
- Bitcoin struggled to recover above the $27,500 and $27,800 resistance levels.
- The price is below $27,500 and the 100 hourly simple moving average.
- There are two bearish trend lines forming with resistance near $27,000 and $27,800 on the hourly chart of the BTC/USD pair (data feed by Kraken).
- The pair could continue lower if it breaks the $26,750 support zone.
Bitcoin price continues its decline
Bitcoin price failed to start a recovery wave above $27,800. BTC stayed in a bearish zone and settled below the $27,500 support zone.
The bears managed to sink the price below $27,000. A low is forming at $26,720 and the price is now showing many bearish signs. The trading price is still below $27,500 and the 100 hourly simple moving average. There are also two bearish trend lines forming with resistance near $27,000 and $27,800 on the hourly chart of the BTC/USD pair.
Bitcoin price is likely to find sellers near $27,000 or the 23.6% Fib retracement level, the recent drop from the swing high at $28,335 to the low at $26,720.
The next major resistance is near the $27,350 level. The main resistance is now forming near the next trendline and $27,800. It is close to the 50% Fib retracement level that recently fell from the $28,335 swing high to the $26,720 low.
Source: BTCUSD on TradingView.com
A close above the $27,800 resistance level and the 100 hourly simple moving average could trigger a decent rally. The next key resistance is around $28,000, above which the price could rally towards the resistance at $28,500.
More BTC losses?
If bitcoin price fails to clear the $27,500 resistance, it might fall further. Immediate support on the downside is near $26,750.
The next major support is near the $26,500 zone, below which the price might gain some downside momentum. In that case, it could hit the $26,000 mark again. Further losses could propel Bitcoin to the $25,000 mark in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels – $26,750 followed by $26,000.
Major resistance levels – $27,000, $27,350 and $27,800.
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