Bitcoin Price Turns Sell On Rallies As Bulls Struggle To Clear Hurdles

Bitcoin Price Turns Sell On Rallies As Bulls Struggle To Clear Hurdles

Bitcoin price is struggling to clear the $28,200 resistance. BTC is again moving lower and might decline toward the $27,000 support zone.

  • Bitcoin attempted an upside break above $28,200 but failed.
  • The price is trading below $28,000 and the 100 hourly Simple moving average.
  • There is a connecting bearish trend line forming with resistance near $28,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to move down if stays below $28,000 and $28,200.

Bitcoin Price Faces Rejection

Bitcoin price started a recovery wave above the $27,800 level. BTC cleared the $28,000 resistance zone and spiked above the 100 hourly Simple moving average.

However, the bears were active above the $28,200 resistance. A high was formed near $28,334 and the price tumbled to $27,000. A low is formed near $26,792 and the price is now consolidating. It is trading near the 50% Fib retracement level recent decline from the $28,334 swing high to the $26,792 low.

Bitcoin is trading below $28,000 and the 100 hourly Simple moving average. There is also a connecting bearish trend line forming with resistance near $28,000 on the hourly chart of the BTC/USD pair.

Immediate resistance is near the $27,750 level. The next major resistance is near the $28,000 level or the trend line. It is close to the 76.4% Fib retracement level recent decline from the $28,334 swing high to the $26,792 low. The main resistance is now forming near the $28,200 level and the 100 hourly Simple moving average.

Bitcoin Price

Source: BTCUSD on TradingView.com

A close above the $28,200 resistance might start a decent increase. The next key resistance is near $28,500, above which the price might climb toward the $29,200 resistance. Any more gains could open the doors for a decent move toward the $29,500 resistance.

Fresh Decline in BTC?

If Bitcoin’s price fails to clear the $28,000 resistance, it could continue to move down. Immediate support on the downside is near the $27,200 level.

The next major support is near the $27,000 zone, below which the price might move further into a bearish zone. In the stated case, it could revisit the $26,500 level. Any more losses might take Bitcoin toward the $26,200 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 below the 50 level.

Major Support Levels – $27,200, followed by $27,000.

Major Resistance Levels – $28,000, $28,200, and $28,500.

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