• Bitcoin price started a fresh decline below the $29,000 pivot level against the US Dollar.
• The bears pushed the price below the $28,000 support zone and the 55 simple moving average (4 hours).
• The immediate resistance on the upside is near the $27,900 level with further resistance at $28,150 and $29,200.
Bitcoin Price Analysis
Bitcoin price started a fresh decline below the $29,000 pivot level against the US Dollar. 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.
Immediate Resistance Levels
The 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 this could send bitcoin price towards to $28,500 or even higher to around 50% Fib retracement level of downward wave from high at 29850 to low 27279. Otherwise if there is no upside break then price might continue declining towards 27250 and 26200 respectively.
4 hours MACD – The MACD is now losing momentum in bearish zone. 4 hours RSI – Relative Strength Index is now below 50 level which indicates bearish bias in market sentiment for bitcoin price in short term.
Key Support Levels
The first major support for bitcoin prices is seen around 27250 after that next key support can be found around 26200 which will further accelerate downward movement towards 25500 and 25k respectively.
Bitcoin prices are trading well under 28500 with bearish bias as indicated by technical indicators such as MACD & RSI but it needs to stay clear of key support levels to avoid any further slide in price trajectory heading towards long term target of 30k and beyond that maybe even 40k mark eventually