NEW DELHI (CoinChapter.com) — Bitcoin price is decreasing, below $29,000. BTC/USD remains at a risk of more losses, but the $26,500 zone might be able to provide support.
This past week, a rejection pattern formed in the Bitcoin price near the $30,500 zone. The BTC/USD pair reacted to the downside and settled below the $30,000 pivot.
It opened the doors for a steady decline below the $29,500 zone. The price traded below a crucial bullish trend line with support near $29,000 on the 4-hour chart. Finally, the bears took control and pushed the price below the $28,800 support, dragging Ethereum lower.
Bitcoin price 4-hour chart | Source: BTCUSD on TradingView.com
A low is formed near $27,155, and the price now trades well below the 50 simple moving average (4 hours, blue). On the upside, immediate resistance is near the $28,000 level.
The 23.6% Fib retracement level of the recent decline from the $30,968 swing high to the $27,155 low is also near the $28,000 zone. So if the bulls get Bitcoin above the $28,000 resistance, there could be a decent recovery wave.
The next key resistance is visible near the $28,800 level and the 50 simple moving average (4 hours, blue). The main breakout zone is forming near the $29,000 level or the 50% Fib retracement level of the recent decline from the $30,968 swing high to the $27,155 low.
A close above the $29,000 level might start another rally. However, the next major resistance might be near the $30,000 level, above which the bulls may perhaps aim a move toward the $31,000 resistance.
If there is no move above $28,000, Bitcoin price might extend its decline. On the downside, the first major support is near the $27,150 level. The next key support sits near the $26,500 level. A close below the $26,500 support could initiate a major decline. In the stated case, there is a risk of a drop toward the $25,000 support.
Bitcoin’s price shows a few bearish signs below the $28,000 and $28,800 levels. The bulls might be in trouble if BTC breaks the $26,500 support. Conversely, it may start a recovery wave above the $28,000 resistance.
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