Bitcoin has broken the $28,500 key support zone for the US Dollar. BTC has fallen 10%, and may even fall below $25,000 support.
- Bitcoin continued to fall below $28,500 and $26,500 levels of support.
- The current price of the stock is trading at below $28,500 and the simple 100-hour moving average.
- A key bearish trendline is emerging with resistance close to $27,200 (data feed Kraken).
- In the short term, the pair may continue to fall below $25,000 support.
Bitcoin Price Gains Bearish Momentum
Bitcoin’s price did not cross the $30,000 threshold. The bears overtook the market and drove the bitcoin price lower than the $29,500 or $28,500 key support levels.
The price plunged to below $28,000. Nearly 10% of the price fell and broke through the $26,000500 support level. Near $25,571 is a new low for the week. The price still shows many bearish signs.
Bitcoin trading is well below the $28,500 mark and the 100 hourly simple average. A key bearish trendline is also in place with resistance close to $27,200. This can be seen on the hourly BTC/USD pairs chart. The $26,200 mark is the immediate resistance.
The 23.6% Fib Retracement Level of the decline from $28,307 high to $25.571 low is close by. Near the $27.200 mark and the bearish trends line is the first significant resistance.
Source: BTCUSD at TradingView.com
Trend line resistance is near 50% Fib. Resistance is located near $28,500. Clear moves higher than the resistance of $28,500 could push the price even further.
BTC: More losses
Bitcoin could move lower if it fails to break the $27,000.200 resistance level. The $25,500 level is a support area for the downside.
Near the $25,000 mark is the next support. The price could fall further below the $25,000 level if there is a downside breakout. The price may drop to the $23,500 level in this scenario.
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 in the oversold area.
Major Support Levels – $25,500, followed by $25,000.
Major Resistance Levels – $26,200, $27,200 and $28,500.