Bitcoin Price Breaks Support
Bitcoin is currently facing a decline, with a decrease of over 6% and trading below the $27,000 support zone. The price is also trading below $26,800 and the 100 hourly Simple moving average. On the hourly chart of the BTC/USD pair, two bearish trend lines are forming with resistance near $27,500 and $28,500. It is possible that the pair will continue to move down and trade below the $25,800 support.
Key Points:
– Bitcoin price started declining after failing to stay above the $28,400 support zone.
– The price is now attempting a recovery wave after a low is formed near $24,800.
– Immediate resistance is at the $27,000 level, followed by major resistance near $27,500 and $28,500.
– A close above the $28,500 resistance could lead to a decent increase towards the $29,200 resistance zone.
– If Bitcoin fails to clear the $27,500 resistance, it could continue to move down with immediate support near the $25,800 zone.
Technical indicators:
– The MACD is gaining pace in the bearish zone.
– The RSI for BTC/USD is below the 40 level.
Closing Paragraph:
Bitcoin’s price has broken support and is currently facing a decline. It is crucial for the price to clear the resistance levels in order to see a potential increase. However, if the resistance is not cleared, there is a possibility of further downward movement. The immediate support levels to watch are $25,800 and $25,500. The crypto market remains volatile, and it is important to closely monitor the price movements and technical indicators.
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