Bitcoin Price Drops After Rejection at $28,800 Highs: Indicators Remain Bullish
Bitcoin price failed to clear the $28,800 resistance. BTC is correcting gains, but downsides might be limited below the $27,550 support zone.
Bitcoin started a downside correction after it failed to clear the $28,800 resistance zone. The price is trading below $28,400 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance near $28,250 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh increase if it clears the $28,300 resistance level.Bitcoin Price Corrects Gains
Bitcoin price attempted a key upside break above the $28,800 resistance zone. BTC struggled to gain strength above the $28,800 level and reacted to the downsides.
There was a drop below the $28,400 and $28,200 levels. The bears were able to push the price below the $28,000 support. It traded as low as $27,813 before the bulls appeared. Bitcoin price is now consolidating above the recent low and trading near $28,000.
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The next major resistance is near the $28,300 zone. It is near the 50% Fib retracement level of the downward move from the $28,792 swing high to the $27,812 low.
The key hurdle is now forming near $28,400 or the 61.8% Fib retracement level of the downward move from the $28,792 swing high to the $27,812 low. A clear move above the $28,400 level might start a fresh increase toward the $28,800 resistance zone.
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Source: BTCUSD on TradingView.com
The next key resistance is near the $29,200 level, above which the price could rise toward the $30,000 level. Any more gains might call for a test of the $31,200 resistance zone.
More Losses in BTC?
If Bitcoin’s price fails to clear the $28,400 resistance, it could start another decline. Immediate support on the downside is near the $27,800 zone.
The next major support is near the $27,550 zone or the recent low. A downside break below the $27,550 support might send the price toward the $26,500 support zone.
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 below the 50 level.
Major Support Levels – $27,800, followed by $27,550.
Major Resistance Levels – $28,300, $28,400, and $28,800.