Bitcoin price fell below the USD 28,400 support. BTC tested USD 24,800 and is currently attempting a recovery wave towards USD 27,000.
- Bitcoin is down more than 6% and is trading below the $27,000 support zone.
- The price is trading below $26,800 and the 100 Simple hourly moving average.
- Two bearish trendlines are forming with resistance near USD 27,500 and USD 28,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could drop further and trade below the USD 25,800 support.
Support for Bitcoin price breaks
Bitcoin price started falling again after failing to stay above the $28,400 support zone. BTC fell sharply after breaking through the $28,000 support zone.
It is down more than 6% and peaked below the $25,500 support zone. A low is forming near USD 24,800 and the price is now attempting a recovery wave. It recovered above the $25,000 and $26,000 levels. However, the bears are now protecting the 50% Fib retracement level from the downward move from the $29,182 swing high to the $24,800 low.
Bitcoin is now trading below $27,000 and the 100 simple hourly moving average. Two bearish trendlines are forming with resistance near USD 27,500 and USD 28,500 on the BTC/USD pair hourly chart.
Immediate resistance is near the $27,000 level. The next major resistance is near $27,500 and the trendline. It is close to the 61.8% Fib retracement level of the downward move from the $29,182 swing high to the $24,800 low. The main resistance is now forming near the $28,500 zone and the 100 simple hourly moving average.
Source: BTCUSD at TradingView.com
A close above the $28,500 resistance could start a decent rise towards the $29,200 resistance zone. More winnings could set the pace for a bigger increase towards $30,000.
Another drop in BTC?
If Bitcoin fails to clear the $27,500 resistance, it could fall further. Immediate support on the downside is near the $25,800 zone.
The next major support is near the $25,500 level. A downside break below the $25,500 level could push the price further into a bearish zone. In the said case, the price could drop to $24,800.
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 40 level.
Major Support Levels – $25,800 followed by $25,500.
Major resistance levels – $27,000, $27,500 and $28,500.
