Bitcoin Price Consolidates Losses, This Resistance Might Trigger Another Drop

Bitcoin price is consolidating losses below $28,200. BTC could start another decline unless there is a clear move above the $28,500 resistance.

• Bitcoin is consolidating losses and trading above the $27,000 support.
• The price is trading below $28,200 and the 100 hourly Simple moving average.
• There is a key bearish trend line forming with resistance near $28,040 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could continue to move down if stays below $28,200 and $28,500.

Bitcoin Price Stable Above $27K

Bitcoin price remained in a bearish zone below the $28,200 support zone. BTC tested the $27,200 support zone and now seems to be consolidating above the $27,400 level.

A low is formed near $27,282 and the price is now slowly moving higher. It is consolidating near the 23.6% Fib retracement level of the swing move from the $29,129 high to the $27,282 low. However, it is still trading below $28,200 and the 100 hourly Simple moving average.

Bitcoin price is now facing resistance near the $28,000 zone. Besides, there is a key bearish trend line forming with resistance near $28,040 on the hourly chart of the BTC/USD pair.

The next major resistance is near the $28,200 level or the 50% Fib retracement level of the swing move from the $29,129 high to the $27,282 low. The main resistance is now forming near the $28,500 level and the 100 hourly Simple moving average.

Source: BTCUSD on TradingView.com

A close above the $28,500 resistance might spark a decent increase. The next key resistance is near $29,125, above which the price might climb toward the $29,500 resistance. Any more gains could open the doors for a decent move toward the $30,000 resistance.

More Losses in BTC?

If Bitcoin’s price fails to clear the $28,200 resistance, it could continue to move down. Immediate support on the downside is near the $27,250 level.

The next major support is near the $27,000 zone, below which the price might accelerate losses and drop to the $26,000 support zone. Any more losses might take Bitcoin toward the $25,500 level in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $27,250, followed by $27,000.

Major Resistance Levels – $28,050, $28,200, and $28,500.

Source