- Bitcoin price started a fresh decline below the $28,500 level against the US Dollar.
- The price is now trading below $28,000 and the 55 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near $26,050 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
- The pair could extend its decline toward the $24,500 and $24,000 levels.
Bitcoin price is declining below $28,000 against the US Dollar. BTC might extend losses if it stays below the $26,400 resistance zone.
Bitcoin Price Analysis
Bitcoin price started a fresh decline below the $28,500 zone. There was a steady decline below the $28,000 and $27,500 levels to enter a bearish zone.
The bears even pushed the price below the $26,400 and $26,000 support levels. Finally, the price tested the $25,250 zone. A low is formed near $25,234 and the price is now consolidating losses. It is trading below $28,000 and the 55 simple moving average (4 hours).
There is also a key bearish trend line forming with resistance near $26,050 on the 4-hour chart of the BTC/USD pair. Immediate resistance on the upside is near the $26,000 level and the trend line.
The next major resistance might be near the $26,400 zone or the 23.6% Fib retracement level of the downward move from the $30,222 swing high to the $25,234 low. A clear move above the $26,400 level might send the price toward $27,000 or the 55 simple moving average (4 hours).
The main resistance is now forming near the $27,750 zone or the 50% Fib retracement level of the downward move from the $30,222 swing high to the $25,234 low, above which the price might rise toward the $28,500 level. Any more gains might push the price toward the $30,200 zone.
If there is no upside break, the price might decline below the $25,600 level. The first major support is near $25,250. The next key support is near the $25,000 level, below which the price might accelerate lower. In the stated case, the price could decline toward the $24,000 level.
Looking at the chart, Bitcoin price is clearly trading below $28,000 and the 55 simple moving average (4 hours). Overall, the price could extend its decline toward the $24,500 and $24,000 levels.
Technical Indicators
4 hours MACD – The MACD is now losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now below the 50 level.
Key Support Levels – $25,250 and $25,000.
Key Resistance Levels – $26,400, $27,750, and $28,500.
