Bitcoin Price Analysis: BTC Turns Red Below $29K
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Bitcoin price started a fresh decline below the $29,000 pivot level against the US Dollar.
- The price is now trading below $28,500 and the 55 simple moving average (4 hours).
- There was a break below a key bullish trend line with support at $28,400 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
- The pair could extend its decline toward the $27,000 and $26,200 levels.
Bitcoin price is declining below $28,500 against the US Dollar. BTC might extend losses if it stays below the $28,500 resistance zone.
Bitcoin Price Analysis
Bitcoin price started a fresh decline below the $29,000 zone. A high was formed near $29,850 before the price started a steady decline. There was a clear move below the $29,000 and $28,500 support levels.
The bears even pushed the price below the $28,000 support zone and the 55 simple moving average (4 hours). The price traded as low as $27,279 and is currently correcting losses. There was a correction toward the 23.6% Fib retracement level of the downward wave from the $29,850 swing high to the $27,279 low.
However, it is still trading below $29,500 and the 55 simple moving average (4 hours). Immediate resistance on the upside is near the $27,900 level. The next major resistance might be near the $28,150 zone.
A clear move above the $28,150 level might send the price toward $28,500 or the 50% Fib retracement level of the downward wave from the $29,850 swing high to the $27,279 low, above which the price might rise toward the $29,200 level. Any more gains might push the price toward the $30,000 zone.
If there is no upside break, the price might decline below the $27,250 level. The first major support is near $27,000. The next key support is near the $26,200 level, below which the price might accelerate lower. In the stated case, the price could decline toward the $25,500 level. Any more losses might send the price toward the $25,000 level.
Looking at the chart, Bitcoin price is clearly trading below $28,500 and the 55 simple moving average (4 hours). Overall, the price could extend its decline toward the $27,000 and $26,200 levels.
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 – $27,250 and $27,000.
Key Resistance Levels – $28,000, $28,500, and $29,200.